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In DMWSHNZ Ltd v HMRC (TC02457 – 24 January) a company (D) which was a member of a group had sold its shares in a New Zealand subsidiary in exchange for loan notes which were qualifying corporate bonds so that the gain on the sale was held over until D disposed of the loan notes. D’s holding company (B) had realised significant capital losses. B and D entered into a series of transactions with the aim of setting B’s capital losses against some of D’s held-over gains. In November 2003 D redeemed the loan notes. In December 2003 D and an associated company (G) made an election under TCGA 1992 s 171A as then in force deeming the disposal of the loan notes to have been made by G rather than D with the intention that the held-over gain would accrue to G rather...

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