# Income and Corporation Taxes Act 1988, Paragraph 5A


(1) Paragraph 5(2) to (6) above apply where there occurs in relation to any of a participant’s shares (“the original holding”) a relevant transaction which would result in a new holding being equated with the original holding for the purposes of capital gains tax, were it not for the fact that what would be the new holding consists of or includes a qualifying corporate bond; and “relevant transaction” here means a transaction mentioned in Chapter II of Part IV of the 1992 Act.
(2) In paragraph 5(2) to (6) above as applied by this paragraph—
(a) references to a company reconstruction are to the transaction referred to in sub-paragraph (1) above;
(b) references to the new holding are to what would be the new holding were it not for the fact mentioned in sub-paragraph (1) above;
(c) references to the original holding shall be construed in accordance with sub-paragraph (1) above (and not paragraph 5(1));
(d) references to shares, in the context of the new holding, include securities and rights of any description which form part of the new holding.
(3) In sub-paragraph (1) above “qualifying corporate bond” shall be construed in accordance with section 117 of the 1992 Act.

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Source: https://www.legislation.gov.uk/ukpga/1988/1/schedule/10/paragraph/5A (the official version)
Page: https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-10/paragraph-5A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.