HMRC has added new paragraphs to its guidance Stamp duty and stamp duty reserve tax: transfer schemes of arrangement and restructuring plans to cover the ‘restructuring plan’, introduced into Part 26A of the Companies Act 2006 by the Corporate Insolvency and Governance Act 2020. The procedure is similar to the existing process for schemes of arrangement, but the main difference is that the new plan can bind dissenting classes of either creditors or shareholders or both, providing they will not be worse off in comparison with other options.
HMRC has added new paragraphs to its guidance Stamp duty and stamp duty reserve tax: transfer schemes of arrangement and restructuring plans to cover the ‘restructuring plan’, introduced into Part 26A of the Companies Act 2006 by the Corporate Insolvency and Governance Act 2020. The procedure is similar to the existing process for schemes of arrangement, but the main difference is that the new plan can bind dissenting classes of either creditors or shareholders or both, providing they will not be worse off in comparison with other options.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")