80(1)Where a company (“the company”) holds shares which—U.K.
(a)form part of the ordinary share capital of another company,
(b)are of the same class and held in the same capacity, and
(c)include shares falling within two or more of the categories in sub-paragraph (2),
then, where there is a reorganisation affecting those shares to which section 116 or section 127 of the 1992 Act applies, section 116 or (as the case may be) section 127 shall apply separately to shares falling within each of those categories.
(2)The categories referred to in sub-paragraph (1)(c) are—
(a)shares to which deferral relief is attributable;
(b)shares—
(i)to which investment relief but not deferral relief is attributable, and
(ii)which have been held continuously by the company since the time they were issued until the reorganisation; and
(c)shares not within paragraph (a) or (b) above.
(3)In this paragraph “reorganisation” has the meaning given in section 126 of the 1992 Act.