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Financial Assistance Under

Continuing our series of legal articles for those working in tax Natalie Smith and Sarah Spencer Osborne Clarke discuss the continuing relevance of financial assistance
Before 1 October 2008 it was unlawful for any company to give financial assistance directly or indirectly for the acquisition of shares in itself or its holding company (Companies Act 1985 (CA 1985) s 151). Exemptions were provided for in CA 1985 s 153. In addition a 'whitewash' procedure was available under CA 1985 ss 155 to 158 which in broad terms enabled private companies to give financial assistance if the shareholders passed a special resolution and the directors made a statutory declaration supported by an auditors' report about the solvency of...
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