116 Reorganisations, conversions and reconstructions
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

116  Reorganisations, conversions and reconstructions

(1)     This section shall have effect in any case where a transaction occurs of such a description that, apart from the provisions of this section—

(a)     sections 127 to 130 would apply by virtue of any provision of Chapter II of this Part; and

(b)     either the original shares would consist of or include a qualifying corporate bond and the new holding would not, or the original shares would not and the new holding would consist of or include such a bond;

and in paragraph (b) above “the original shares” and “the new holding” have the same meaning as they have for the purposes of sections 127 to 130.

(2)     In this section [references to a transaction include references to any conversion of securities (whether or not effected by a transaction) within the meaning of section 132 and] “relevant transaction” means a reorganisation, conversion of securities or other transaction such as is mentioned in subsection (1) above, and, in addition to its application where the transaction takes place after the coming into force of this section, subsection (10) below applies where the relevant transaction took place before the coming into force of this section so

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