[F116U.K.Where—
(a)an individual holds qualifying shares, and
(b)there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a) (allotment in proportion to shareholdings), a reorganisation affecting that holding,
sections 127 to 130 (which relate to reorganisation or reduction of share capital) shall not apply in relation to that holding.]
Textual Amendments
F1Sch. 7D inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 221 (with Sch. 7)