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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Value shifting: reorganisation of share capital

Section 34 also applies to schemes of reconstruction or amalgamation treated as exchanges of shares by TCGA92/S136.

Finance Act 2011 introduced a new Targeted Anti-Avoidance Rule for disposals of shares and securities by companies on or after 19 July 2011. See CG48500+.