On 24 June 2015, the United Kingdom HMRC published Stamp Duty and Stamp Duty Reserve Tax: transfer schemes of arrangement, which provides guidance following the introduction of Companies Act 2006 (Amendment of Part 17) Regulations 2015.
Under the regulations, a company takeover may no longer be effected through a cancelation scheme of arrangement, which involves the cancelation of a company's share capital and the issuance of new shares to different owners. Under such a scheme, the arrange…