Part 6 Company Reorganisations
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 6 Company Reorganisations

Company reorganisations: introduction

39

(1)     This Part applies in connection with company reorganisations.

(2)     For the purposes of this Part there is a “company reorganisation†where a company (“the acquiring companyâ€)—

(a)     obtains control of a company whose shares are subject to an outstanding qualifying option—

(i)     as a result of making a general offer to acquire the whole of the issued share capital of that company which is made on a condition such that, if it is met, the person making the offer will have control of the company, or

(ii)     as a result of making a general offer to acquire all the shares in the company which are of the same class as those to which the option relates;

[(b)     obtains control of such a company as a result of a compromise or arrangement sanctioned by the court under section 899 [or 901F] of the Companies Act 2006 (court sanction for compromise or arrangement);]

[(c)     becomes bound or entitled under sections 979 to 982 [or 983 to 985] of the Companies Act 2006 (takeover offers: right of offeror to buy out minority shareholder) to acquire shares of the same class as shares

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