Both reconstruction and acquisition relief is withdrawn under FA 2003, Sch. 7, para. 9 if control of the acquiring company changes:

before the end of the period of three years beginning with the effective date of the transaction; or

in pursuance of, or in connection with, arrangements made before the end of that period.

However, it is withdrawn only if at the time control of the acquiring company changes (‘the relevant time’), it or a relevant associated company holds a chargeable interest:

that was acquired by the acquiring company under the relevant transaction; or

that is derived from an interest so acquired,

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