The consideration deemed to have been given on the acquisition of shares of parent company is to be at market value not at the base price. The Acts provisions for intra group transfer of assets do not apply to oust Capital Gains rules.
Citations:
Gazette 08-Dec-1993, Times 15-Jul-1993, Ind Summary 09-Aug-1993
Statutes:
Income and Corporation Taxes Act 1970 273(1)
Jurisdiction:
England and Wales
Capital Gains Tax
Updated: 26 October 2022; Ref: scu.84165