Textual Amendments
F1Ss. 72ZA, 72ZB and cross-heading inserted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 5
(1)For the purposes of sections 67 and 70, an instrument is an “exempt capital-raising instrument” if the instrument transfers relevant securities in the course of capital-raising arrangements.
(2)In this section, “capital-raising arrangements” means arrangements pursuant to which relevant securities are issued by a company for the purpose of raising new capital.
(3)An instrument is not prevented from being an exempt capital-raising instrument by reason only of a delay in transferring relevant securities where—
(a)a person (“the transferor”) acquires the relevant securities—
(i)before capital-raising arrangements are entered into, or
(ii)in the course of capital-raising arrangements,
(b)the transferor is subject to a restriction that has the effect of preventing the transfer of the relevant securities in the course of the capital-raising arrangements, and
(c)the instrument transfers the relevant securities as soon as reasonably practicable after the time at which the restriction ceases to have effect.]