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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Other debts deemed to be securities: debts acquired on share exchanges

Under the provisions of TCGA92/S126, TCGA92/S135 or TCGA92/S136 debentures may be issued to the original share, or debenture, holders on a share exchange or reorganisation. Where the provisions apply, the transactions are treated as not involving any disposal of the original shares or debentures. Instead, the acquisition cost, or part of the acquisition cost, of the original shares or debentures is rolled over into the cost of the new debentures, see CG51805-CG51806.