Section 77 of the Finance Act 1986 provides a useful relief for inserting a new holding company. Recent changes in Stamp Office interpretation risk causing unnecessary difficulties in obtaining the relief. It is considered that the legislative history of s 77 and the practical problems caused by using the wider meaning of stock show that the revised interpretation is incorrect.
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Section 77 of the Finance Act 1986 provides a useful relief for inserting a new holding company. Recent changes in Stamp Office interpretation risk causing unnecessary difficulties in obtaining the relief. It is considered that the legislative history of s 77 and the practical problems caused by using the wider meaning of stock show that the revised interpretation is incorrect.
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