Introduction Overview Chapter 3: Matters which are not distributions Section 1039: Requirements where purchasing company is a member of a group
3063.This section supplements the requirements of sections 1037 and 1038 where the company is a member of a group. It is based on section 222(1) and (3) of ICTA.
3064.The seller’s shareholding in all companies in the group must be substantially reduced after the purchase of own shares, taking into account any shares in the group held by any of the seller’s associates – even if the seller holds no shares in the company making the purchase after the purchase has taken place.
3065.There are further qualifications in sections 1040 and 1043.