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There are currently no known outstanding effects for the Finance Act 2020, Cross Heading: Anti-forestalling: reorganisations of share capital.
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4(1)This paragraph applies where—U.K.
(a)on or after 6 April 2019 but before 11 March 2020, there is a reorganisation, and
(b)on 11 March 2020—
(i)the company is the relevant individual's personal company and is either a trading company or the holding company of a trading group, and
(ii)the relevant individual is an officer or employee of the company or (if the company is a member of a trading group) of one or more companies which are members of the trading group.
(2)In sub-paragraph (1) “the relevant individual” means—
(a)where a claim under section 169M of TCGA 1992 is made jointly by the trustees of a settlement and a qualifying beneficiary, the qualifying beneficiary;
(b)where a claim under that section is made by an individual, the individual.
(3)Where an election in respect of the reorganisation is made under section 169Q of TCGA 1992 (reorganisations: disapplication of section 127) on or after 11 March 2020, the disposal of the original shares is to be treated for the purposes of paragraph 2 as taking place at the time of the election and not at the time of the reorganisation.
(4)References in this paragraph to a reorganisation do not include an exchange of shares or securities which is treated as a reorganisation by virtue of section 135 or 136 of TCGA 1992 (but see paragraph 5).
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