Related Commentary  Related HMRC Manuals

142(1)  This section applies where any share capital to which section 410(2), (3) or (4) of ITTOIA 2005 applies in respect of shares in the company held by any person.

142(2)  The case shall not constitute a reorganisation of the company’s share capital for the purposes of sections 126 to 128.

142(3)  The person who acquires the share capital by means of its issue shall (notwithstanding section 17(1)) be treated for the purposes of section 38(1)(a) as having acquired that asset for a consideration equal to the cash equivalent of the share capital in accordance with section 412 of ITTOIA 2005.

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