620A Deemed disposal in certain circumstances.
(1) This section applies in relation to a company where—
(a) at any time on or after 15 February 2001 an asset ceases to be a chargeable asset in relation to the company—
(i) where at the time of the acquisition of the asset by the company the asset consisted of shares deriving their value or the greater part of their value from assets specified in paragraph (a) or (b) of section 29(3), by virtue of the assets ceasing to so derive their value or the greater part of their value, or
(ii) by virtue of the asset becoming situated outside the State,
(b) (i) the company acquired the asset in the course of—
(I) a transfer to which section 615 applies, or
(II) a disposal to which section 617 applies,
(ii) by virtue of section 620 the asset constitutes new assets for the purposes of section 597.
(2) Where this section applies in relation to a company, the company shall be deemed for the purposes of the Capital Gains Tax Acts and the Corporation Tax Acts—
(a) to have disposed of the asset immediately before the time when it ceased to be a chargeable asset in relation to the company, and
(b) immediately to have reacquired it,
at its market value at that time.