Were it not for the special rules below, it would be possible for gains accruing on securities to be permanently deferred on a conversion by virtue of provisions rolling them into the gilt-edged securities which are then exempt (see ¶559-000). Therefore, the usual rules which apply to equate a new holding received on a conversion of securities with the original securities (see ¶560-800) do not apply where gilt-edged securities are exchanged for shares or securities which are compulsorily acquired under any enactment (TCGA 1992, 134(1)).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.