96(1)Subject to sub-paragraph (2), in this Schedule “disposal” shall be construed in accordance with the 1992 Act, and cognate expressions shall be construed accordingly.U.K.
(2)A company shall be treated for the purposes of this Schedule, and for the purposes of corporation tax on chargeable gains, as disposing of any shares which but for paragraph 82 (company reconstructions and amalgamations) it—
(a)would be treated as exchanging for other shares by virtue of [F1section 136] of the 1992 Act, or
(b)would be so treated but for section 137(1) of the 1992 Act (which restricts [F2section 136 of that Act to bona fide schemes of reconstruction]).
Textual Amendments
F1Words in Sch. 15 para. 96(2)(a) substituted (24.7.2002 with effect as mentioned in Sch. 9 para. 7(1) of the amending Act) by 2002 c. 23, s. 45, Sch. 9 Pt. 2 para. 6(5)(a)
F2Words in Sch. 15 para. 96(2)(b) substituted (24.7.2002 with effect as mentioned in Sch. 9 para. 7(1) of the amending Act) by 2002 c. 23, s. 45, Sch. 9 Pt. 2 para. 6(5)(b)