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Demergers — a Refresher

Robert Turnbull Partner and Iain Kerr Director in KPMG's M&A Tax group provide a refresher on the tax issues that may arise during a demerger
Demergers are back in vogue. Private Equity houses use them to repackage their investments and so realise more value from exits and there has been a spate of listed company demergers notably GUS which disappeared altogether as a result of three demergers (Burberry Experian and Home Retail Group).
In this article we examine the tax issues which demergers commonly generate and the techniques available to address them. The legislation involved is not new but some of it has developed and practice continues to evolve.
The tax issues
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