(1) For the purposes of the Tax Acts and the Capital Gains Tax Acts -
(i) held by the company as treasury shares, and
(ii) not cancelled by the company,
shall be deemed to be cancelled immediately on their acquisition by the company,
(b) a deemed or actual cancellation of shares shall be treated as giving rise to neither a chargeable gain nor an allowable loss, and
(c) a reissue by the company of treasury shares shall be treated as an issue of new shares by it.
(2) For the purposes of this section, a reference to treasury shares shall be a reference to treasury shares within the meaning of section 109 of the Companies Act 2014.