Related Commentary  Related HMRC Manuals

1050(1)  This section applies if bonus share capital falling within section 1049(1)(b) is converted into, or exchanged for, shares in the company of a different class.

1050(2)  In this section “replacement shares” means shares in the company issued–

(a)in connection with the conversion or exchange, and

(b)in consideration of the cancellation, extinguishment or acquisition by the company of the bonus share capital.

1050(3)  Section 1049 does not apply to any replacement shares.

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