Monday 19 January 2015

UK: Restricting share capital reductions in takeovers

Last year, in the Autumn Statement, the Government announced that in order to protect the stamp duty tax base it would introduce legislation to prevent the use of 'cancellation' schemes of arrangement for company takeovers (such schemes enable stamp duty tax to be avoided). A draft of the proposed legislation - The Companies Act 2006 (Amendment of Part 17) Regulations 2015 - has now been published (see here, pdf) together with an information and impact note (herepdf).

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