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(1)Where shares in respect of which relief has been given and not withdrawn have by virtue of any such allotment, otherwise than for payment, as is mentioned in section 77(2)(a) of the 1979 Act fallen to be treated under section 78 of that Act as the same asset as a new holding—
(a)a disposal of the whole or part of the new holding shall be treated for the purposes of this Part as a disposal of the whole or a corresponding part of those shares; and
(b)the new holding shall be treated for the purposes of section 299(3) as shares in respect of which relief has been given and not withdrawn.
(2)Where—
(a)there is, by virtue of any such allotment for payment as is mentioned in section 77(2)(a) of the 1979 Act, a reorganisation affecting ordinary shares in respect of which relief has been given; and
(b)immediately before the reorganisation the relief had not been withdrawn; and
(c)the amount of relief (or, where the relief has been reduced, the amount remaining) and the market value of the shares immediately before the reorganisation, exceeds their market value immediately after the reorganisation;
the relief shall be reduced by an amount equal to whichever is the smaller of those excesses.
(3)Subsection (2) above shall also apply where—
(a)an individual who has received, or become entitled to receive, in respect of any ordinary shares in a company, a provisional allotment of shares in or debentures of the company disposes of his rights; and
(b)subsection (2) above would have applied (apart from this subsection) had those rights not been disposed of but an allotment of shares or debentures made to him.
(4)This section has effect in relation to reorganisations occurring after 18th March 1986.
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