Section 195D | Company that receives mixed consideration: N does not exceed C ^F1

(1)This section applies to a mixed-consideration swap if—^F1

(a)the no gain/no loss amount (“N”) of the company that receives the mixed consideration (“company R”) does not exceed^F1

(b)the amount of non-licence consideration (“C”) which company R receives.^F1

(2)As regards the licence, or each licence, which company R acquires, company R is to be treated as if it had acquired the licence for nil consideration.^F1

(3)In a case where company R disposes of only one licence, company R is to be treated as if, on the disposal of the licence, there had arisen a gain of—^F1

(4)In a case where company R disposes of two or more licences, as regards each licence disposed of, company R is to be treated as if, on the disposal of the licence, there had arisen a gain of—^F1