# The Authorised Investment Funds (Tax) Regulations 2006, Regulation 85X: Application of section 135 of TCGA 1992


(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.

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Source: https://www.legislation.gov.uk/uksi/2006/964/regulation/85X (the official version)
Page: https://openlegislation.uk/authorised-investment-funds-tax-regulations-2006/regulation-85X
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.