Related Commentary  Related CasesRelated HMRC Manuals

176(1)  This section has effect as respects a disposal of shares in, or securities of, a company (“the ultimate disposal” ) if the value of the shares or securities has been materially reduced by a depreciatory transaction effected on or after 31st March 1982; and for this purpose “depreciatory transaction”  means–

(a)any disposal of assets at other than market value by one member of a group of companies to another, or

(b)any other transaction satisfying the conditions of subsection (2) below,

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