# Finance Act 1974, Paragraph 5


Where a company has issued shares or debentures to a person in exchange for shares or debentures in another company in a case falling within paragraph 20 of Schedule 3 to this Act, the amount of any development gain which accrued to him in respect of the disposal by him to the issuing company of the shares or debentures in the other company shall, in computing under [Chapter II of Part II of the Capital Gains Tax Act 1979 ] the gain accruing on a disposal of the shares or debentures so issued to him, be treated as an amount allowable under [section 32(1)(b) of that Act].

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Source: https://www.legislation.gov.uk/ukpga/1974/30/schedule/8/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-act-1974/schedule-8/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.