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HMRC internal manual

Capital Gains Manual

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Substantial shareholdings exemption: introduction - the commencement provisions

FA02/S44 (3), (4) & (5)

Subsections (3) to (5) of section 44 Finance Act 2002 contain the commencement provisions for the substantial shareholdings exemption regime. It applies in relation to disposals by companies on or after 1 April 2002.

The exemption regime changed the time at which certain deemed disposals and reacquisitions under section 179(3) TCGA 1992 are treated as occurring when a company leaves a group, see CG53255. This change applies from 1 April 2002. A minor change to the wording of section 179(4) TCGA 1992 as a consequence of this change also has effect from that date.