[F1Deemed disposal if election ceases to have effectU.K.
Textual Amendments
F1Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
22(1)This paragraph applies if at any time an election which has been made under paragraph 12 in respect of a qualifying fund or qualifying company ceases to have effect.U.K.
(2)In the case of an election made in respect of a qualifying fund, each participant in the relevant fund is deemed for the purposes of this Act—
(a)to have sold its units in the relevant fund immediately before that time, and
(b)to have immediately reacquired those rights and interests,
at their market value immediately before that time.
(3)In the case of an election made in respect of a qualifying company, each participant in the relevant fund is deemed for the purposes of this Act—
(a)to have sold its rights and interests in the company immediately before that time, and
(b)to have immediately reacquired those rights and interests,
at their market value immediately before that time.]