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HMRC internal manual

Capital Gains Manual

Deferred consideration: shares and securities: vendor placings

Some share sale agreements provide for the newly issued shares or debentures to be sold immediately for cash, an arrangement called a vendor placing. Provided the right to deferred consideration can only be satisfied by an issue of shares or debentures TCGA92/S138A can still apply even if those shares or debentures are to be sold in a vendor placing.