326 Restructuring to which [sections 326A, 327 and 327A apply]
Income Tax Act 2007 (2007 c 3) | Legislation

Chapter 6
Supplementary and General

Acquisitions for restructuring purposes

326  Restructuring to which [sections 326A, 327 and 327A apply]

(1)     [Sections 326A, 327 and 327A apply] if—

(a)     arrangements are made for a company (“the new company”) to acquire all the shares (“old shares”) in another company (“the old company”),

(b)     the acquisition provided for by the arrangements falls within subsection (2), and

(c)     the Commissioners for Her Majesty's Revenue and Customs have, before any exchange of shares takes place under the arrangements, given an approval notification.

(2)     An acquisition of shares falls within this subsection if—

(a)     the consideration for the old shares consists wholly

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