This guidance deals with TCGA92/S135 to TCGA92/S139. These provisions are concerned primarily with share exchanges and company reconstructions. In general terms these are transactions in which one company takes over another company or the business of another company. However, because shares or debentures are issued to the original shareholders they retain an interest in the company or its business. From 1 December 2003 onwards, disposals of shares out of treasury are treated as issues of shares (see CG52521). From 17 April 2002, schemes of reconstruction include company partitions and certain other forms of corporate restructuring.

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