[Part 1 The Exemptions]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[SCHEDULE 7AC Exemptions for Disposals by Companies with Substantial Shareholding]

[Part 1 The Exemptions]

[The main exemption

1

(1)     A gain accruing to a company (“the investing company”) on a disposal of shares or an interest in shares in another company (“the company invested in”) is not a chargeable gain if the requirements of this Schedule are met.

(2)     The requirements are set out in—

Part 2 (the substantial shareholding requirement), and

Part 3 (requirements to be met in relation to . . . the company invested in).

(3)     The exemption conferred by this paragraph does not apply in the circumstances specified in paragraph 5 or the cases specified in paragraph 6.

Subsidiary exemption: disposal of asset related to shares where main exemption conditions met

2

(1)     A gain accruing to a company (“company A”) on a disposal of an asset related to shares in another company (“company B”) is not a chargeable gain if either of the following conditions is met.

(2)     The first condition is that—

(a)     immediately before the disposal company A holds shares or an interest in shares in company B, and

(b)     any gain accruing to company A on a disposal

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