Part 1 New Schedule 7AC to the Taxation of Chargeable Gains Act 1992
Finance Act 2002 (2002 c 23) | Legislation

SCHEDULE 8 Chargeable Gains: Exemptions in Case of Substantial Shareholding

Section 44(2)

Part 1 New Schedule 7AC to the Taxation of Chargeable Gains Act 1992

1

The following Schedule is inserted after Schedule 7AB to the Taxation of Chargeable Gains Act 1992 (c 12)—

“SCHEDULE 7AC
Exemptions for Disposals by Companies with Substantial Shareholding
Part 1
The Exemptions
The main exemption
1

(1)     A gain accruing to a company (“the investing companyâ€) on a disposal of shares or an interest in shares in another company (“the company invested inâ€) is not a chargeable gain if the requirements of this Schedule are met.

(2)     The requirements are set out in—

Part 2 (the substantial shareholding requirement), and

Part 3 (requirements to be met in relation to the investing company and the company invested in).

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

Subsidiary exemption: disposal of asset related to shares where main exemption conditions met
2

(1)     A gain accruing to a company (“company Aâ€) on a disposal of an asset related to shares in another company (“company

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