In some cases the presumption of realisation on an exchange discussed at GIM5240 is displaced by ICTA88/S473, which covers certain exchanges of and other transactions involving


securities within the meaning of TCGA92/S132 which are not loan relationships

rights in a unit trust

membership interests in a company which are not shares

options within TCGA92/S147

that are held as trading assets by, among others, an insurance company. ICTA88/S473 does not apply where the assets are held so that mark to market applies to them for tax purposes and the period of account ends after 31 July 2001 (ICTA88/S473 (2A)).

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