27.—(1) For the purposes of capital gains tax on the occasion when the title to plan investments is transferred from a plan manager to a plan investor there shall be deemed to be a disposal and reacquisition by him of those investments for a consideration equal to their market value.
(2) For the pooling of plan investments for the purposes of Part III of Schedule 19 to the Finance Act 1985(1) Part III shall apply for the purposes of these Regulations with the substitution for paragraph 8(2) of the following words–
“(2) This Part of this Schedule shall apply separately to any securities which are plan investments under a plan within the meaning of the Personal Equity Plan Regulations 1989 and, while applying separately to any such securities, this Part of this Schedule shall have effect as if the plan investor held them in a capacity other than that in which he holds any other securities of the same class whether under another plan or otherwise.”
(3) Sections 78 to 81 of the Capital Gains Tax Act 1979(2) shall not apply in relation to ordinary shares which are held under a plan if there is by virtue of any allotment for payment as is mentioned in section 77(2) of that Act a reorganisation affecting those shares.