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Taxation of Chargeable Gains Act 1992, Section 138ZC is up to date with all changes known to be in force on or before 30 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies where section 138ZB would, but for an election under this section, apply in relation to the issue by a company of shares in or debentures of that company in exchange for, or in respect of, shares in or debentures of another company.
(2)The person to whom the shares or debentures are issued may elect for section 135 or 136 not to apply to the issue, and accordingly—
(a)the exchange or scheme of reconstruction in question will not be treated as a reorganisation within the meaning of section 126, and
(b)section 138ZB will not apply in relation to the issue.
(3)An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the shares or debentures are issued.]
Textual Amendments
F1Ss. 138ZA-138ZC inserted (with effect in accordance with s. 36(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 36(2)
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