Schedule 9 - Chargeable gains: share exchanges
Finance Bill
12:15 pm
Mr Howard Flight (Arundel and South Downs, Conservative)
The amendments deal with essentially the same technical issue, which was raised by the Law Society. Clause 44 and the schedule provide welcome codification of the definition of reconstruction for the purposes of capital gains tax reliefs, and the amendments would ensure that company reconstructions included those in which not only ordinary shares, but preference shares or debentures were exchanged for new shares. The Law Society raised several specific points, although I will not read out a great addendum. The Government could, however, usefully consider such points before the Bill becomes law.