Section 169R — Finance Act 2008: Reorganisations involving acquisition of qualifying corporate bonds

Reorganisations involving acquisition of qualifying corporate bonds 169R 1 This section applies where the calculation under section 116(10)(a) has effect to produce a chargeable gain for an individual by reason of a relevant transaction.

2 This Chapter has effect as if—

a (despite section 116(10)) the relevant transaction were a disposal, and b the disposal were a disposal of business assets consisting of the old asset made by the individual at the time of the relevant transaction.

3 Where the disposal would be a material disposal of business assets and entrepreneurs' relief is claimed in respect of it—

a the amount resulting under section 169N(1) is to be taken to be the amount of the chargeable gain produced by the calculation under section 116(10)(a),

and b accordingly, the amount arrived at under section 169N(1) to (3) (or a corresponding part of it) is the amount deemed to accrue by virtue of section 116(10)(b) on a disposal of the whole or part of the new asset.

4 In this section “new asset”, “old asset” and “relevant transaction” have the meaning given by section 116.