[77A Disqualifying arrangements]
Finance Act 1986 (1986 c 41) | Legislation

[77A  Disqualifying arrangements]

[(1)     This section applies for the purposes of section 77(3)(i).

(2)     Arrangements are “disqualifying arrangements” if it is reasonable to assume that the purpose, or one of the purposes, of the arrangements is to secure that—

(a)     a particular person obtains control of the acquiring company, or

(b)     particular persons together obtain control of that company,

[but a person who has held at least 25% of the issued share capital of the target company at all times during the relevant period is not within paragraph (a) or (b)].

[(2A)     For the purposes of subsection (2) the “relevant period” is the period of 3 years ending immediately before the time at which the shares

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