137 Restriction on application of sections 135 and 136
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

137  Restriction on application of sections 135 and 136

(1)     Subject to subsection (2) below, and section 138, neither section 135 nor section 136 shall apply to any issue by a company of shares in or debentures of that company in exchange for or in respect of shares in or debentures of another company unless the exchange [or scheme of reconstruction] in question is effected for bona fide commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoidance of liability to capital gains tax or corporation

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