Regulation 85X Application of section 135 of TCGA 1992F1

(1)

Section 135 of TCGA 1992 (exchange of securities for those in another company treated as not involving a disposal) does not apply for the purposes of this Part to the extent that—

(a)

the interest in the entity that is company A for the purposes of that section that is exchanged is units in a FINROF, and

(b)

the interest in the entity that is company B for those purposes that is exchanged is not units in such a fund.

(2)

In a case where section 135 of TCGA 1992 would apply apart from paragraph (1), the exchange in question shall for the purposes of this Part constitute a disposal of units in the FINROF for a consideration equal to their market value at the time of the exchange.

Annotations

Textual amendments

F1: Pt. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21 (with regs. 25, 26)