As of 6 April 1997 this text has repealed
(1) Schedule 2 to the Capital Gains Tax Act, 1975, is hereby amended by the insertion after paragraph 5 of the following paragraph:
"5A. Demutualisation of assurance companies
(1) This paragraph shall apply and have effect in respect of an arrangement between a company and its members, being an arrangement to which subparagraph (1) of paragraph 5 applies by virtue of subparagraph (2) of the said paragraph, and where the company is an assurance company which carries on a mutual life business.
(2) Where, in connection with the arrangement, there is conferred, on a member of the assurance company concerned, any rights -
(a) to acquire shares in another company (hereafter in this paragraph referred to as the ‘successor company’) in priority to other persons, or
(b) to acquire shares in the successor company for consideration of an amount or value lower than the market value of the shares, or
(c) to free shares in the successor company,
then, an
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