The Companies Act 2006 (Amendment of Part 17) Regulations, SI 2015/472, amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement. With effect from 4 March 2015, companies will be required to use a ‘transfer’ scheme of arrangement or a contractual offer, on which stamp duty or SDRT is payable. The government announced at Autumn Statement 2014 its intention to make this change and published a draft version of the regulations in January 2015.
The Companies Act 2006 (Amendment of Part 17) Regulations, SI 2015/472, amend the Companies Act to prevent the use of share cancellations by target companies in takeovers conducted using schemes of arrangement. With effect from 4 March 2015, companies will be required to use a ‘transfer’ scheme of arrangement or a contractual offer, on which stamp duty or SDRT is payable. The government announced at Autumn Statement 2014 its intention to make this change and published a draft version of the regulations in January 2015.
