Before TCGA 1992 section 116 can apply, it is necessary that:

sections 127 -130 would otherwise apply by virtue of any provision within Chapter II, Part IV TCGA 1992, (section 116(1)(a)), and

either the original shares would consist of or include a qualifying corporate bond (QCB) and the new holding would not, section 116(1)(b), or,

the original shares would not consist of or include a QCB and the new holding would, section 116(1)(b).

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