247 Continuity of EIS relief where issuing company is acquired by new company
Income Tax Act 2007 (2007 c 3) | Legislation

Acquisition of issuing company

247  Continuity of EIS relief where issuing company is acquired by new company

(1)     This section applies if—

(a)     a company (“the new company”) in which the only issued shares are subscriber shares acquires all the shares (“old shares) in another company (“the old company”),

(b)     the consideration for the old shares consists wholly of the issue of shares (“new shares”) in the new company,

(c)     the consideration for the new shares of each description consists wholly of old shares of the corresponding description,

(d)     new shares of each description are issued to the holders of old shares of the corresponding description in respect of and in proportion to their holdings,

(e)     at some time before

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