An income tax advantage is not liable to counteraction where the individual held shares (or an interest in shares) in a close company immediately before the transaction in securities (or the first in a number of such transactions) and there has been a ‘fundamental change in ownership’. This is intended to take bona fide commercial sales of companies outside the remit of these provisions and no doubt to cut out the desire on the part of tax advisers to apply for clearance applications in such cases.

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