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HMRC internal manual

Capital Gains Manual

4th condition (Paragraph 5 Sch 5AA): Compromise or arrangement with members

The 4th condition is particular to certain schemes carried out under Part 26 Companies Act 2006 or under the corresponding provision for companies in Northern Ireland or under foreign law. These will involve the cancellation of shares in the original company and an issue of shares to a successor company accompanied by a new issue of shares by that company (see CG52725).