118 Relief in case of certain replacement securities
Finance Act 1999 (1999 c 16) | Legislation

118  Relief in case of certain replacement securities

(1) After section 95 of the Finance Act 1986 (depositary receipts: exceptions) insert—

“95A Depositary receipts: exception for replacement securities

(1) There shall be no charge to tax under section 93 above in respect of the transfer, issue or appropriation of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met.

(2) The first condition is that the old securities are held under a depositary receipt scheme.

(3) The second condition is that—

(a) there was a charge to tax under section 93 above in respect of the transfer, issue or appropriation—

(i) of the old securities, or

(ii)

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