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(1)This section has effect where the transferred property consists of shares in relation to which there occurs before the relevant date a transaction to which section 78 of the [1979 c. 14.] Capital Gains Tax Act 1979 applies or would apply but for section 84 of that Act, that is to say—
(a)a reorganisation within the meaning of section 77(1) of that Act,
(b)the conversion of securities within the meaning of section 82 of that Act,
(c)the issue by a company of shares in exchange for shares in another company in such circumstances that section 85 of that Act applies, or
(d)the issue by a company of shares under such an arrangement as is referred to in section 86 of that Act,
or any transaction relating to a unit trust scheme which corresponds to any of the transactions referred to in paragraph (d) to (d) above and to which section 78 of that Act applies by virtue of section 93 of that Act.
(2)In the following provisions of this section " the original shares " and " the new holding " shall be construed in accordance with section 77(1) of the Capital Gains Tax Act 1979.
(3)Where this section has effect the original shares and the new holding shall be treated as the same property for the purposes of this Chapter.
(4)Where this section has effect and, as part of or in connection with the transaction concerned, the transferee or his spouse becomes liable to give any consideration for the new holding or any part of it, then for the purposes of section 131 above the market value of the transferred property on the relevant date shall (except where apart from this section it reflects the liability) be taken to be reduced by an amount equal to that consideration.
(5)For the purposes of subsection (4) above, there shall not be treated as consideration given for the new holding or any part of it—
(a)any surrender, cancellation or other alteration of any of the original shares or of the rights attached thereto, or
(b)any consideration consisting of any application, in paying up the new holding or any part of it, of assets of the company concerned or of any dividend or other distribution declared out of those assets but not made.
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