If TCGA92/S135 is prevented from applying by TCGA92/S137 the exchange will be treated as a disposal. The disposal proceeds will be either

the value in money's worth of the shares or debentures issued by the acquiring company, if the transaction is a bargain made at arm's length, or

the market value of the shares or debentures sold, if the transaction is not a bargain made at arm's length.

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