Reorganisations etc.U.K.
This section has no associated Explanatory Memorandum
66.—(1) For the purposes of this Chapter, sections 116(10) and 127 of TCGA 1992 (reorganisations) do not apply to a substantial QIS holding in a qualified investor scheme; and a transaction which would otherwise have fallen within either of those provisions is treated as involving a disposal and subsequent acquisition of that holding.
(2) The consideration for the subsequent acquisition is a consideration equal to the market value of the holding immediately before the acquisition.