[Andrew]

Passed P6 (UK) with 90%. Really pleased.

[Andrew]

I appear to be the odd-one-out, but I believe the Substantial Shareholding Exemption DID apply to the disposal in question 3, owing to the FA2011 changes to SSE. Namely, the qualifying 12 month period can include the time when the assets owned by the company being sold were used within a trade carried on by the group before being transferred to the company being sold.

Hence, the time that the trade was carried on by the predecessor company (Aero?) may count towards the qualifying period.

Am I missing the point?

[Andrew]

78% in P2(UK) for me. Fairly pleased with that.

[Andrew]

Hello Mike,

Thank you for your reply; that’s all the assurance I’d needed. I had a nagging thought that the lack of a cash option and mandatory equity conversion would be the decisive factors.

Once again, many thanks.

Andrew

[Author]

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