4(1)Paragraph 9 (other reconstructions and amalgamations) is amended as follows.U.K.
(2)For sub-paragraph (1) substitute—
“(1)This paragraph applies if section 135 or 136 (company reconstructions) applies in relation to shares to which deferral relief, but not relief under Part 5 of ITA 2007 (or Chapter 3 of Part 7 of the Taxes Act), is attributable.
(1A)Paragraphs 3 and 4 of this Schedule have effect as if section 135 or 136 did not apply in relation to the shares.”
(3)In sub-paragraph (2), for “Sub-paragraph (1) above shall not have effect to disapply section 135 or 136 where” substitute “ Sub-paragraph (1A) does not apply if ”.
(4)For sub-paragraph (3) substitute—
“(3)Sub-paragraph (1A) does not apply if paragraph 8 applies in relation to the shares.”