Section 379 | Meaning of “disposal”

(1)Subject to subsection (2), in this Part “disposal” is read in accordance with TCGA 1992, and related expressions are read accordingly.

(2)An investor is treated as disposing of any securities or shares which but for section 151BC(1) of TCGA 1992 the investor—

(a)would be treated as exchanging for other securities or shares by virtue of section 136 of that Act, or

(b)would be so treated but for section 137(1) of that Act (which restricts section 136 to genuine reconstructions).