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Ask an expert: SSE and joint venture company arrangements

Question: I have a company X that is looking to dispose of its shareholding in Z in the near future and I am a little nervous about the application of the substantial shareholdings exemption (SSE). The group structure is as set out in the diagram [to follow].

Answer: The substantial shareholdings exemption (SSE) applies where three main conditions are met which in broad terms are as follows:

1.  the vendor has held shares or an interest in shares in the target company by virtue of which it has at least a 10% interest in that company throughout a 12-month period beginning not more than two years before the disposal date;

2.  the vendor has been a sole trading company...

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