Policy paper

Capital Gains Tax: share exchanges and reorganisations

This tax impact and information note is about changes to the anti-avoidance rule for share exchanges and reorganisations.

• From: HM Revenue & Customs
• Published: 26 November 2025

Documents

Capital Gains Tax — anti-avoidance for share exchanges and reorganisations

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Draft legislation

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Draft legislation (accessible version)

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Details

This measure makes changes to the anti-avoidance provisions that apply to share exchanges and company reorganisations.

The change will take effect for issues of shares or debentures on or after 26 November 2025.

Published 26 November 2025