Subject to the conditions in CG52523, TCGA92/S135 will apply where a company (company B) issues shares or debentures to a person in exchange for shares in or debentures of another company (company A). In effect, company B is buying the shares in, or debentures of, company A but paying for all or part of the purchase by issuing its own shares or debentures. From 1 December 2003 onwards, disposals of shares out of treasury are treated as issues of shares. The purchase can include any combination of shares and debentures. Therefore, shares can be issued for shares and debentures. Debentures can be issued for debentures and shares.

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