This section applies to a mixed-consideration swap if—
the no gain/no loss amount ("N") of the company that receives the mixed consideration ("company R") does not exceed
the amount of non-licence consideration ("C") which company R receives.
As regards the licence, or each licence, which company R acquires, company R is to be treated as if it had acquired the licence for nil consideration.
In a case where company R disposes of only one licence, company R is to be treated as if, on the disposal of the licence, there had arisen a gain of—
In a case where company R disposes of two or more licences, as regards each licence disposed of, company R is to be treated as if, on the disposal of the licence, there had arisen a gain of—