The CGT treatment of the reorganisation of share capital (see ¶15750 to ¶15760) also applies to the conversion of securities, e.g. a conversion of loan stock of a company into shares in the company; ‘security’ means loan stock or similar security (whether secured or unsecured) of any government, or of any public or local authority, or any company. It also includes alternative finance arrangements such as alternative investment bonds.

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