Statute
Section 321 — Income Tax Act 2007: Power to facilitate mergers of VCTs
Text of the provision Official document
Power to facilitate mergers of VCTs 321 1 Regulations may make provision authorised by section 322 for cases where—
a there is a merger of two or more companies each of which is a VCT immediately before the merger begins to be effected, and b the merger is for genuine commercial reasons and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
2 Provision made by regulations under subsection (1) applies—
a in cases, and b subject to conditions (including conditions requiring approvals to be obtained), specified by the regulations.
Official source: legislation.gov.uk
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