(a) In this section 'undertaking for collective investment' has the meaning assigned to it in section 738(1).
(b) Where an undertaking for collective investment (in this section referred to as the 'first undertaking') disposes of assets (in this section referred to as 'transferred assets') to another undertaking for collective investment in exchange for the issue of units to the first undertaking by that other undertaking for collective investment, no chargeable gains shall accrue to the first undertaking on that disposal.
(2) For the purposes of computing a gain accruing to the first undertaking on a disposal or first deemed disposal, under section 738(4)(a)(i), of the units referred to in subsection (1), notwithstanding any other provision of the Capital Gains Tax Acts, the amount or value of the consideration in money or money's worth given by the first undertaking for the acquisition of the units is -
(a) where the transferred assets fell within section 738(4)(a)(i), the value
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