[F1The main exemptionU.K.
Textual Amendments
F1Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
1(1)A gain accruing to a company (“the investing company”) on a disposal of shares or an interest in shares in another company (“the company invested in”) is not a chargeable gain if the requirements of this Schedule are met.U.K.
(2)The requirements are set out in—
Part 2 (the substantial shareholding requirement), and
Part 3 (requirements to be met in relation to the investing company and the company invested in).
(3)The exemption conferred by this paragraph does not apply in the circumstances specified in paragraph 5 or the cases specified in paragraph 6.]