Commentary on Sections Overview Overview Section 177: The no pre-arranged exits requirement
586.This section denies relief if certain arrangements exist in connection with the issue of shares. It is based on section 299B of ICTA.
587.The words in brackets in subsection (1)(c) “in terms of value” are not in section 299B(1)(c), although they do appear in paragraph 37(1) of Schedule 15 to FA 2000 (corporate venturing scheme). Introducing the words here is intended to clarify what is meant by “a substantial amount” in this context.