VCM68190 - VCT: deferral relief: share exchanges: where original shares do not have disposal relief

If the original shares do not have disposal relief VCM68160 (c) applies. The deferred gain is treated as accruing if:

• there is an exchange, reconstruction or amalgamation to which TCGA92/S135 or S136 applies (or would apply but for TCGA92/S116), see CG52579 onwards, also CG53820 onwards, and
• the new assets held following the exchange, reconstruction or amalgamation are either securities, or are shares which are not ordinary shares in a VCT.