Relief from taxation of capital gains: second transaction
This section has no associated Explanatory Notes
12(1)The second transaction is not to be regarded for the purposes of TCGA 1992 as an acquisition by P or a disposal by Q if—
(a)each of conditions A to C and E to G is met, and
(b)in the case of an interest in land in the United Kingdom, condition D is met.
(2)Where the interest in the land is replaced as the bond asset by an interest in other land, this paragraph is subject to paragraph 18.
(3)This paragraph is also subject to paragraph 20.