- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2020)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/04/2020.
Taxation of Chargeable Gains Act 1992, Section 169SD is up to date with all changes known to be in force on or before 11 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)An individual who makes an election under section 169SC may also elect that, for the purposes of this Act—
(a)no chargeable gain or allowable loss is to be treated as accruing to the individual on the notional disposal, but
(b)a chargeable gain calculated in accordance with this section is to be treated as accruing to the individual on any subsequent disposal by the individual of one or more assets consisting of shares in or securities of the company (in addition to any gain or loss that actually accrues on that disposal).
(2)The chargeable gain treated as accruing to the individual on a subsequent disposal is the amount resulting from the following steps—
Step 1 Attribute the notional gain to each of the classes of shares in or securities of the company which are the subject of the notional disposal. The attribution must be made, in relation to each class, by reference to the proportion that—
the relevant gains (see section 169N(5)) accruing on the notional disposal in respect of shares or securities within each class bears to
the total amount of relevant gains accruing on the notional disposal.
Step 2 Apportion the amount attributed to each class under Step 1 to the shares or securities of that class which are the subject of the subsequent disposal. The apportionment must be by reference to the proportion that—
the nominal value of the shares or securities of that class which are the subject of the subsequent disposal bears to
the nominal value of shares or securities of that class which are the subject of the notional disposal.
Step 3 The amount resulting from these steps is—
the total of the amounts apportioned to shares or securities under Step 2, but
excluding, in relation to each class of shares or securities, so much of those amounts as would, together with any chargeable gains treated by this section as accruing on previous disposals of shares or securities of that class, exceed the amount attributed to that class under Step 1.
(3)If the subsequent disposal is a disposal by virtue of section 122, the nominal value of shares of a particular class which are the subject of that disposal is to be treated for the purposes of Step 2 of subsection (2) as being equal to the nominal value of shares of that class as are the subject of the notional disposal.]
Textual Amendments
F1Pt. 5 Ch. 3A inserted (with effect in accordance with Sch. 16 para. 4(5) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 3
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