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In some situations, the disposal consideration in a disposal contract is stated as being paid in assets other than money, for examples shares in a company. Where an asset is disposed of in exchange for another asset (an asset swap), with or without the payment of cash, the consideration for the disposal is the actual value of the asset (plus the amount of any cash) received, as this will be the value of the consideration.

In some circumstances, where shares are issued in consideration, the amount of the consideration could change between the contract date and the disposal date for capital gains purposes for example when the contract is conditional. Where the contract is at arm's length the courts have decided (see Drayton Commercial Investmen Co Ltd below) that the consideration agreed in the contract should stand even if it subsequently changes on completion of a conditional contract.

In Drayton Commercial Investment Co Ltd¹, in September 1972 a company, Drayton agreed to acquire investments from an insurance company for £3,937,632, to be paid by means