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Taxation of Chargeable Gains Act 1992 section 5
Fourth condition: compromise or arrangement with members [TCGA 1992 Sch 5AA para 5]
Section 5 sets out the fourth condition that must be met for a scheme of reconstruction to qualify for capital gains tax treatment, requiring that the scheme is carried out under a formal compromise or arrangement with members and that no business is transferred to another person.
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