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HMRC internal manual

Stamp Taxes on Shares Manual

From
HM Revenue & Customs
Updated
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Exemptions and reliefs: reliefs: company reconstructions and acquisitions - 'bona fide commercial reasons' and 'tax avoidance'

A condition for relief under section 75 or 77 depends on the acquisition being effected for bona fide commercial reasons and not for the purpose of tax avoidance. HMRC accepts that this condition is satisfied if the customer has obtained advance clearance for the scheme under TCGA92/S138, TCGA/S139(5), ITA07/S701 or CTA10/S748 - see https://www.gov.uk/seeking-clearance-or-approval-for-a-transaction - provided that copies of the application and clearance correspondence are supplied and the details given therein accurately reflect the events which actually took place.