97AA(1) There shall be no charge to tax under section 96 above in respect of the transfer or issue of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met.
97AA(2) The first condition is that the old securities are held under a clearance services scheme.
97AA(3) The second condition is that–
(a)there was a charge to tax under section 96 above in respect of the transfer or issue–
(i)of the old securities, or
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