The provisions of FA86/S95 (3)-(6) and FA86/S97 (4)-(7) provide an exemption from a 1.5 per cent Stamp Duty Reserve Tax (SDRT) charge where a company (X) issues securities in exchange for shares in another company (Y) in connection with a company merger or take-over. To qualify for the exemption, there are a number of conditions, however, all of which have to be fulfilled. These are:

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