Section 140DA — Taxation of Chargeable Gains Act 1992: Securities issued on division of business

Securities issued on division of business 140DA 1 This section applies where—

a a transfer of assets to which section 140A(1A) or 140C(1A) applies has taken place, b the transferor and the transferee (or each of the transferees) are each resident in a relevant state , c they are not all resident in the same relevant state , and e the transfer does not constitute or form part of a scheme of reconstruction within the meaning of section 136.

2 Where this section applies, the transfer shall be treated for the purposes of section 136 as if it were a scheme of reconstruction.

3 Where section 136 applies by virtue of subsection (2) above section 136(6) (and section 137) shall not apply.