Search Legislation

Taxation of Chargeable Gains Act 1992

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 140H

 Help about opening options

Version Superseded: 31/12/2020

Status:

Point in time view as at 26/05/2015. This version of this provision has been superseded. Help about Status

Changes to legislation:

Taxation of Chargeable Gains Act 1992, Section 140H is up to date with all changes known to be in force on or before 07 March 2025. 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. Help about Changes to Legislation

[F1140H.Share exchangesU.K.

(1)This section applies if—

(a)a company (“company B”) issues shares or debentures to a person in exchange for shares in or debentures of another company (“company A”),

(b)the exchange falls within one of the cases specified in section 135(2), and

(c)either company B or company A or both is a transparent entity.

(2)Where this section applies—

(a)“company” in section 135 shall be treated as meaning an entity listed in [F2Part A of Annex I] to the Mergers Directive, and

(b)section 135(3) does not apply.

(3)If, as a result of an exchange in relation to which this section applies, a gain accruing to a person holding shares in or debentures of company A on the exchange would, but for the Mergers Directive, have been chargeable to tax under the law of a member State other than the United Kingdom, [F3Part 2 of TIOPA 2010] (double taxation relief), including any [F4double taxation relief arrangements], shall apply as if that tax, calculated in accordance with subsection (4), had been chargeable.

(4)Tax is calculated in accordance with this subsection if—

(a)so far as permitted under the law of the relevant member State, losses arising on the exchange are set against gains arising on the exchange, and

(b)any relief available to company A under that law has been claimed.]

Textual Amendments

F1Ss. 140H-140L and cross-heading inserted (with effect in accordance with reg. 3(3) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 3 para. 1 (with S.I. 2008/1579, reg. 4(2))

F3Words in s. 140H(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(a) (with Sch. 9 paras. 1-9, 22)

F4Words in s. 140H(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(b) (with Sch. 9 paras. 1-9, 22)

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?