We have completed the tax returns for a client’s amalgamated entities. Please confirm whether S42 and S44 are reportable transactions?
Important:
This answer is based on tax law year ending 28 February 2019.
Answer:
We submit that it would only be where the asset-for-share or amalgamation transaction includes an arrangement, as listed in the notice, that reporting is necessary. The mere fact that the transaction is one of the special rules, doesn’t make it a reportable arrangement.