545A Share disposals and central securities depositories
(1) The migration of shares under the Migration of Participating Securities Act 2019 shall not be treated as a disposal of those shares for the purposes of the Capital Gains Tax Acts.
(2) Subsection (3) applies in relation to shares held by a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 20141) whose rules require holders of interests in such shares to hold those interests by way of a co-ownership interest in a fungible pool of underlying shares.
(3) Where this subsection applies and a person disposes of a co-ownership interest referred to in subsection (2), the asset deemed to have been disposed of for the purposes of the Capital Gains Tax Acts shall be the person’s interest in the underlying shares.
(4) References to—
(a) shares quoted on a stock exchange in sections 29(1A)(b) and 980(2)(d) and (e), and
(b) shares in a company in the definition of “relevant assets” in section 29A(1)(a),
shall be deemed to include references to a co-ownership interest referred to in subsection (2).