Income Tax Act 2007

330Power to facilitate company reorganisations etc involving exchange of sharesU.K.
This section has no associated Explanatory Notes

(1)The Treasury may by regulations make provision for cases where—

(a)a holding of shares or securities that meets the requirements of Chapter 4 is exchanged for other shares or securities,

(b)the exchange is made for genuine commercial reasons and does not form part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax, and

(c)the new shares or securities do not meet some or all of the requirements of Chapter 4,

providing that the new shares or securities are to be treated as meeting those requirements.

(2)The references in subsection (1) to an exchange of shares or securities include any form of company reorganisation or other arrangement which involves a holder of shares in or securities of a company receiving other shares or securities—

(a)whether the original shares or securities are transferred, cancelled or retained, and

(b)whether the new shares or securities are in or of the same or another company.

(3)The regulations must specify—

(a)the cases in which, and conditions subject to which, they apply,

(b)which requirements of Chapter 4 are to be treated as met, and

(c)the period for which those requirements are to be treated as met.

(4)The regulations may contain such administrative provisions (including provision for advance clearances) as appear to the Treasury to be necessary or appropriate.

F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)Regulations under this section —

(a)may make different provision for different cases,

(b)may contain incidental, supplemental, consequential and transitional provision and savings, and

(c)may include provision having retrospective effect.

Textual Amendments