# Taxation of Chargeable Gains Act 1992, Paragraph 34

Extent: E+W+S+N.I.

(1) The exemptions conferred by this Schedule do not apply to or affect a chargeable gain or allowable loss deemed to accrue on a disposal by virtue of section 116(10)(b) (reorganisations, conversions and reconstructions: deemed accrual of gain or loss held over on earlier transaction).
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) Sub-paragraph (1) does not apply where the relevant earlier transaction is a disposal and reacquisition deemed to have occurred (in a period of account beginning before 1 January 2005) under section 92(7) of the Finance Act 1996 (convertible securities etc: creditor relationships).

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/7AC/paragraph/34 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7AC/paragraph-34
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.