SCHEDULES

SCHEDULE 2Transitionals and savings

Part 6Losses on disposal of shares

Relief after an exchange of shares for shares in another company

48

1

In relation to new shares issued before 6 April 2007, section 145 applies with—

a

the substitution for subsection (1)(e) of—

e

before the issue of the new shares, the Commissioners for Her Majesty's Revenue and Customs have, on the application of the new company or the old company, notified that company that the exchange of shares—

i

will be effected for genuine commercial reasons, and

ii

will not form part of any such scheme or arrangement as is mentioned in section 137(1) of TCGA 1992.

b

the omission of subsection (3)(a).

2

Section 145 does not apply in relation to shares issued before 6 April 1998.

F13

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F14

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