Where shares are issued in return for others in a share exchange , or a company reconstruction, then (and subject to certain conditions), TCGA92/S127 (by virtue of TCGA92/S135 or S136) treats the transactions as involving neither disposal of the original shares nor acquisition of the new shares received.

Where this happens then the new shares acquired in the exchange will be treated as being subscribed for at the time the original shares were for the purposes of Investors' Relief. The new shares will still need to meet the other conditions for the relief provided -

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