37 Changes in company ownership
Finance Act 2014 (2014 c 26) | Legislation

37  Changes in company ownership

(1)     Part 14 of CTA 2010 (change in company ownership) is amended as follows.

(2)     In section 688 (meaning of “significant increase in the amount of a company's capital”), in subsection (2), for paragraph (b) and the “or” before it substitute

“, and

(b)     is at least 125% of amount A.”

(3)     In section 723 (changes in indirect ownership), in subsection (1), after “section 724” insert “or 724A”.

(4)     After section 724 insert—

“724A Disregard of change in parent company

(1)     Where a new company (“N”) acquires all the issued share capital of another company (“C”), the resulting ownership change is disregarded for the purposes of Chapters 2 to 6 if, immediately after that acquisition (“the acquisition”), N—

(a)     possesses all of the voting power in C,

(b)     is beneficially entitled to 100% of any profits available for distribution to equity holders of C,

(c)     would be beneficially entitled

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