Exchange of shares for QCBs following an earlier no gain/no loss disposal

This guidance applies only to exchanges of shares for QCBs occurring before 6 April 2010

Where an exchange of shares for qualifying corporate bonds (QCBs) would fall within TCGA92/S127 but for S116, then regulation 10 applies. S116 applies to cases within S127 where either

the original shares would consist of or include a QCB and the new holding would not, or

the new holding consists of or includes a QCB but the original shares did not.

The regulation applies specifically to cases where

there has previously been a no gain/no loss disposal so that no chargeable gain has been brought into account,

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