Regulation 66 Reorganisations etc.

For the purposes of this Chapter, sections 116(10) and 127 of TCGA 1992 (reorganisations) do not apply to a substantial QIS holding in a qualified investor scheme; and a transaction which would otherwise have fallen within either of those provisions is treated as involving a disposal and subsequent acquisition of that holding.

The consideration for the subsequent acquisition is a consideration equal to the market value of the holding immediately before the acquisition.