Section 103I — Taxation of Chargeable Gains Act 1992: Scheme of reconstruction involving conversion scheme

Scheme of reconstruction involving conversion scheme 103I 1 This section applies where—

a a scheme of reconstruction is entered into and given effect to, and b for the purposes of, or in connection with, the scheme of reconstruction, units in a collective investment scheme (“the conversion scheme”) are issued to participants in another collective investment scheme (“scheme C”) in exchange for and in proportion to (or as nearly as may be in proportion to) their conversion holdings in accordance with regulation 12(1)(b) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 ( S.I. 2011/1613 ).

2 Where this section applies sections 127 to 131 apply with the necessary adaptations as if scheme C and the conversion scheme were the same company and the exchange were a reorganisation of its share capital.

3 In this section “conversion holdings” means the units in scheme C to be converted in accordance with regulation 12(1)(b) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 into units in the conversion scheme for the purposes of, or in connection with, the scheme of reconstruction.

4 This section has effect subject to section 103K (anti-avoidance) .