Paragraph 5 Taxation of Chargeable Gains Act 1992

The Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.

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In section 102 (collective investment schemes with property divided into separate parts), in subsection (3)(b) after “135" insert “ or 136 ”.

In section 137 (restriction on application of sections 135 and 136)—

In section 138(1) (procedure for clearance in advance), for “, reconstruction or amalgamation" substitute “ or scheme of reconstruction ”.

In section 139 (reconstruction involving transfer of business), for subsection (9) substitute—

“(9)

In this section “scheme of reconstruction” has the same meaning as in section 136.”.

In section 147 (quoted options treated as part of new holdings)—

In section 151B (venture capital trusts: supplementary), in subsection (8) for paragraph (c) substitute—

“(c)

a reference to the exchanged holding is, in relation to section 135 or 136, to the shares in the company referred to in that section as company A.”.

In section 171(3) (transfers within a group) for “by virtue of sections 127 and 135" substitute “ by section 127 as it applies by virtue of section 135 ”.

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In section 251 (debts: general provisions)—

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In Schedule 6 (retirement relief: supplementary provisions), in paragraph 2(2) for “section 135(3)" substitute “ section 135 or 136 ”.