THE MAIN EXEMPTION

Related Commentary  Related HMRC Manuals

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.

1(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).

1(3)  The exemption conferred by this paragraph does not apply in the circumstances specified in paragraph 5 or the cases specified in paragraph 6.

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