The anti-avoidance provisions of TCGA92/S137 apply to both TCGA92/S135 and TCGA92/S136. In practice transactions involving Section 135 are much more common. Therefore, the main description of the anti-avoidance provisions will be given in terms of Section 135. Section 137 will only apply to Section 135 or Section 136 if the exchange, reconstruction or amalgamation occurred after 19 April 1977.
All decisions on whether TCGA92/S137 (1) operates to prevent TCGA92/S135 from applying are taken in Capital Gains Technical Group. You should not express an opinion on the possible operation of Section 137 without instructions from Capital Gains Technical Group.