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s431 Elections

1st Mar 2019
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Can anyone clarify the correct position on s431 elections. Where a straight forward restructuring is done to place a holding company above a trading company and the existing shareholders are then issued with shares in place of the old shares in the new top co, is a s431 election necessary? HMRC clearances obtained on the transaction, for CGT the shares stand in the shoes of the old ones.

But I have read several times that some people suggest protective s431 elections? However I cannot find any authority on that point. Also where there is the in the future an onward sale, as part of the Due Diligence process they are asking for s431 elections.

Any in sight into this mindfield of legislation would be greatly appreciated.

Also any recommendations on a good seminar/course or book on the subject would be appreciated.

Thank you

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