PART 2THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS
CHAPTER 4DISPOSALS OF INTERESTS IN NON-REPORTING FUNDS
Further provisions
F1Exchanges and schemes of reconstruction36A
1
The following sections of TCGA 1992 do not apply to the extent that an interest in a non-reporting fund is exchanged or treated as exchanged for an asset which is not an interest in a non-reporting fund.
2
The sections are—
a
section 103G (exchange of units for those in another collective investment scheme),
b
section 103H (scheme of reconstruction involving issue of units),
c
section 135 (exchange of securities for those in another company), and
d
section 136 (scheme of reconstruction involving issue of securities).
3
In a case where one of those sections would apply apart from paragraph (1), the exchange or deemed exchange shall for the purposes of this Part constitute a disposal of interests in the non-reporting fund for a consideration equal to their market value at the time of the exchange or deemed exchange.