Speed Read: The process should always start with a briefing from the deal team. Once the background to the proposed deal has been established, the optimal structure can be ascertained. Share sales are often attractive to sellers, particularly if the substantial shareholding exemption or a chargeable gains deferral is available. Asset sales do not have an equivalent exemption, though deferrals may be achievable and losses may be allowable. A pre-sale reorganisation may be required to separate the target assets from other group assets. The proceeds of sale should be moved efficiently to where they are needed in the group.