This section applies to a mixed-consideration swap if—
In a case where company R acquires only one licence, company R is to be treated as if it had acquired the licence for a consideration of—
In a case where company R acquires two or more licences, as regards each licence acquired, company R is to be treated as if it had acquired the licence for a consideration of—
The disposal by company R of a licence under the swap is to be taken to be one on which neither a gain nor a loss accrues.
But (despite subsection (4)), the disposal by company R is not a no gain/no loss disposal for the purposes of section 56.
For the purposes of the application of sections 53 and 54, any enactment is to be disregarded insofar as it provides that, if the other company which acquires a licence under the swap ("company G") subsequently disposes of the licence, company R's acquisition of the licence is to be treated as company G's acquisition of it.
In this section the reference to the no gain/no loss amount of company R is a reference to—