Where there is a company reorganisation falling within TCGA92/S126 (2)(a) and, immediately after the reorganisation, investment relief is attributable either to the shares comprised in the investing company's existing holding before the rights issue (and they have been held by the company continuously from the time they were issued until the reorganisation), or to shares allotted in respect of the existing holding under the reorganisation, or to both, the normal share reorganisation rules in TCGA92/S127 to S130, see CG51700 onwards, are disapplied with one exception set out below.

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