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Corporation Tax Act 2010
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Corporation Tax Act 2010, Section 88 is up to date with all changes known to be in force on or before 07 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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88Substitution of new shares for old sharesU.K.
This section has no associated Explanatory Notes
(1)Subsection (2) applies if, in the case of any new shares held by a company or by a nominee for a company, the old shares for which they were exchanged were shares which had been subscribed for by the company (“the investor”).
(2)This Chapter has effect in relation to any subsequent disposal or other event as if—
(a)the new shares had been subscribed for by the investor at the time when, and for the amount for which, the old shares were subscribed for by the investor,
(b)the new shares had been issued by the new company at the time when the old shares were issued to the investor by the old company, and
(c)any requirements of this Chapter which were met at any time before the exchange by the old company had been met at that time by the new company.
(3)Nothing in subsection (2) applies in relation to section 195(7) of ITA 2007 as applied by section 79(7) above for the purpose of the definition of “excluded activities”.
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