Finance Act, 1992
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Restriction of Schedule 2 (companies and shareholders) to Capital Gains Tax Act, 1975. |
61.—In Schedule 2 to the Capital Gains Tax Act, 1975 , paragraph 6 shall not apply to the transfer by a person, on or after the 24th day of April, 1992, of a business to a company, wholly or partly in exchange for shares issued by the company, unless it is shown that the transfer is effected for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose, or one of the main purposes, is avoidance of liability to tax. |