234 Chargeable events when bonds owned
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

234  Chargeable events when bonds owned

(1)     Subsection (3) below applies where—

(a)     paragraphs (a) to (c) of section 232(1) are fulfilled, and

(b)     the condition set out below is fulfilled.

(2)     The condition is that—

(a)     all the replacement assets were shares (new shares) in a company or companies,

(b)     there has been a transaction to which section 116(10) applies and as regards which all the new shares constitute the old asset and qualifying corporate bonds constitute the new asset, and

(c)     at the time the chargeable event occurs, the claimant or a person then connected with him is beneficially entitled to all the bonds.

(3)     In a case where this subsection applies, a chargeable gain shall be deemed to have accrued to the claimant or connected person (as the case may

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