Part 1 Provisions Replacing Sections 135 and 136 of the Taxation of Chargeable Gains Act 1992
Finance Act 2002 (2002 c 23) | Legislation

SCHEDULE 9 Chargeable Gains: Share Exchanges and Company Reconstructions

Section 45

Part 1 Provisions Replacing Sections 135 and 136 of the Taxation of Chargeable Gains Act 1992

Share exchanges

1

For section 135 of the Taxation of Chargeable Gains Act 1992 (exchange of securities for those in another company) substitute—

“135
Exchange of securities for those in another company

(1)     This section applies in the following circumstances where a company (“company Bâ€) issues shares or debentures to a person in exchange for shares in or debentures of another company (“company Aâ€).

(2)     The circumstances are:

Case 1

Where company B holds, or in consequence of the exchange will hold, more than 25% of the ordinary share capital of company A.

Case 2

Where company B issues the shares or debentures in exchange for shares as the result of a general offer—

(a)     made to members of company A or any class of them (with or without exceptions for persons connected with company B), and

(b)     made in the first instance on a condition such that if it were satisfied company B would have control of company A.

Case 3

Where company B

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