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Substantially improved
KEY POINTS
- The substantial shareholdings exemption is now more widely available to corporate groups.
- The changes came into effect from 1 April 2017.
- The vendor company no longer has to be a trading company or member of a trading group.
- Less onerous requirements for the company being sold.
After a consultation in summer 2016 the substantial shareholdings exemption (SSE) is being substantially amended. Originally the changes were in clauses 39 and 40 of the Finance (No 2) Bill 2017. Clause 39 made the exemption far more accessible to a wider range of corporate groups. Clause 40 introduced an exemption for shareholders in companies that have substantial investment by ‘qualifying institutional investors’.
Although the changes were dropped due to the early general election it seems highly likely that they will be...
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