The Companies Act 2006 (Amendment of Part 17) Regulations 2015 (SI 2015/472) amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement. Companies will be required to use a ‘transfer’ scheme of arrangement or a contractual offer, on which stamp duty or stamp duty reserve tax is payable.
The regulations came into force on 4 March 2015.
A copy of the SI is available on the GOV.UK website.
