127 Company acquisition reliefs: redeemable shares.U.K.
(1)Amend section 75 of the M1Finance Act 1986 (acquisitions: reliefs) in accordance with subsections (2) and (3).
(2)In subsection (4), in paragraph (a) (which requires that the consideration for the acquisition consists of or includes the issue of shares) after “the issue of" insert “ non-redeemable ”.
(3)In subsection (4), after paragraph (b) add—
“In paragraph (a) above, “non-redeemable shares” means shares which are not redeemable shares.”.
(4)In section 76 of the M2Finance Act 1986 (acquisitions: further provisions about reliefs) in subsection (3)(a) (which requires that the consideration for the acquisition consists of or includes the issue of shares) for “shares" substitute “ non-redeemable shares (within the meaning of section 75(4)(a) above) ”.
(5)This section has effect in relation to instruments executed after the day on which this Act is passed.