Transactions in Securities - Legislation & Case Law Demystified with Philip Ridgway

Introduction

Even the simplest of transactions can give rise to potential issues with transactions in securities legislation.

There has recently been a renewed focus on the rules as HMRC appear to have altered their stance on giving clearance and a raft of counteraction notices have been issued for transactions undertaken in early 2016.

Presented by Philip Ridgway of Temple Tax Chambers, this seminar seeks to demystify the legislation and case law and will offer guidance as to when the legislation will apply and the consequences of it doing so.

What You Will Learn

This course will cover the following:

• Setting the scene
• A brief history of the transactions in securities rules
• The view from 30,000 feet and the mischief aimed at
• Looking at the legislation
• Conditions necessary for the rules to apply
• Relevant consideration
• Tax advantage
• The distribution limitation
• What are: ‘profits available for distribution’?
• If you’re looking for a way out
• Main purpose not the avoidance of tax - aka the motive test
• Fundamental change of ownership
• Looking at the cases
• Some common transactions - and the attendant issues
• Share exchanges
• Purchase of own shares
• Management buy-outs
• Reductions of capital
• Sales to an EOT
• Clearance
• Counteraction
• Appeals