Stocks and shares: investments on alternative markets: business relief
The same applies for the separate exchange NASDAQ Europe (IHTM18341), until 28 November 2001. From this date, shares traded on NASDAQ Europe are no longer recognised as listed so they can qualify for business relief.
There are separate instructions for Rule 4.2(a) shares at IHTM18338.
Transfers after 6 April 96 (28 November 2001 for NASDAQ Europe)
Many companies on alternative markets qualify for business relief.
If it is clear that business relief does not apply (for example, the company is a PLC) you should not refer anything to SAV. But, if relief has been claimed, you should ask the taxpayer or agent why they believe it is due.
(This content has been withheld because of exemptions in the Freedom of Information Act 2000)
Transfers before 6 April 96
In these cases business relief may be available at a lower rate of 50 per cent or 30 per cent. On your memo to SAV you should also ask what rate of business relief is due. Again, you should check whether the two year rule is satisfied before allowing any relief. There is separate advice for USM shares before 10 March 1992 at IHTM18339.