Income Tax Act 2007 Schedule 2 paragraph 88

Power to facilitate company reorganisations

Paragraph 88 of Schedule 2 establishes a commencement date for the application of section 330, which deals with the power to facilitate company reorganisations involving exchanges of shares.

• Section 330 provides powers to facilitate company reorganisations that involve exchanges of shares or securities.
• This transitional provision limits the scope of section 330 by reference to a specific date.
• Any exchange of shares or securities that took effect before 21 March 2000 falls outside the reach of section 330.
• Only exchanges of shares or securities taking effect on or after 21 March 2000 can be subject to section 330.