Share Buybacks - New Opportunities for Corporate Investors, Including Life Companies
United Kingdom Law Articles in English (2008)
- Herbert Smith
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Share Buybacks - New Opportunities for Corporate Investors, Including Life Companies
The recent High Court decision in Strand Futures and Options Ltd v Vojak overturns Revenue practice (SP4/89) and offers significant tax benefits to corporation tax paying investors on share buybacks. It is possible that the Revenue will appeal the decision or seek to reverse its effect by attempting to introduce new law.Key points The High Court has held that, on a share buyback, the distribution element of the buyback price does not form part of the consideration for the disposal of the shares by a corporate investor and so is not included in the computation of chargeable gains. Th...
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