TCGA1992/Sch7AC/Para14 may apply when there has been a share exchange or company reconstruction to which TCGA1992/S135 and 136 applies the TCGA1992/S127 no disposal or acquisition and same asset treatment, see CG52500 onwards. In order to test whether the substantial shareholding requirement is met when an investing company holds shares issued in an exchange to which section 127 applies you may have to look at more than one holding of shares. If the exchange occurred during the 12 month period you are considering you take into account the shares held before the exchange as well as the shares held afterwards. If by combining

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