Taxation of Chargeable Gains Act 1992

[F1149ABShares in research institution spin-out companiesU.K.

(1)Where an individual has acquired shares (or an interest in shares) in circumstances where section 452(1) and (2)(a) of ITEPA 2003 (shares in research institution spin-out companies: market value on acquisition) apply (and section 149AA does not apply in relation to those shares (or interest in shares)) the consideration for the acquisition shall (subject to section 119A) be taken to be equal to the aggregate of—

(a)the actual amount or value given for the shares (or interest in shares), and

(b)any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 (earnings) in respect of the acquisition.

(2)Subsection (1) above applies only to the individual making the acquisition and, accordingly, is to be disregarded in calculating the consideration received by the person from whom the shares (or interest in shares) are (or is) acquired.]

Textual Amendments

F1S. 149AB inserted (with effect in accordance with s. 22(5) of the amending Act) by Finance Act 2005 (c. 7), s. 22(3)