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Vol 23 No 5 May/June 2018

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Company Acquisition of Own Shares 6th ed

ISBN13: 9781846612459
Previous Edition ISBN: 0853089329
Published: March 2013
Publisher: LexisNexis Butterworths
Country of Publication: UK
Format: Hardback
Price: Out of print

This book provides the practitioner with a comprehensive analysis of the law relating to own share acquisition – both the company law and the tax law.

It outlines the procedures that need to be followed, what the tax implications are, and how tax savings and other benefits can be achieved. It also includes precedents for the main types of transaction, which the practitioner may require to implement.

This new edition has been completed revised and updated to take into account new developments including:-

  • The general prohibition against own share acquisitions and the various exceptions to that rule through, in particular, own share purchases and the use of redeemable shares
  • The key changes made by the Companies Act 2006, including the regime for own share purchases and the redemption of shares, the introduction of "self-help" reductions and reform of the law on the provision of financial assistance, the procedure for an own share acquisition and its financing, the consequences of infringement, and also the acquisition and holding of treasury shares.
  • The tax consequences of the various types of own share acquisitions
  • Key tax and commercial considerations
  • Precedents of key documents

Company Law
The Rule against Own Share Acquisitions
Shares Held by a Company’s Nominees
The Issue of Redeemable Shares
A Company’s Power to Purchase its Own Shares
The Procedure for an Own Share Purchase
The Source of the Payment for a Purchase or Redemption
Treasury Shares
Own Share Purchases and the Articles
Own Share Purchase Contracts
Financial Assistance
Tax: The ‘Distribution’ Element
Purchases for the Benefit of the Trade
Payments to Assist in Discharging a Liability to Inheritance Tax
Section 219: Returns, Clearances and Powers of Information
Purchases from a Dealer in Securities
Taxes on Income: Other Consequences of Purchases and Redemptions
Other Fiscal Consequences