Version Superseded: 19/07/2007
Point in time view as at 06/04/2006.
Finance Act 2003, Cross Heading: Option premium to be reflected in sale price unless brought into account under derivative contracts provisions is up to date with all changes known to be in force on or before 04 March 2025. 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.
10U.K.In section 730A of the Taxes Act 1988 (treatment of price differential on sale and repurchase of securities), after subsection (8) insert—
“(8A)In this section references to the sale price are to be construed—
(a)in a case where the securities are bought back by the transferor or a person connected with him in compliance with a requirement imposed in consequence of the exercise of an option acquired under the agreement to sell the securities or any related agreement, as references to what would otherwise be the sale price plus the amount of any consideration given for the option, and
(b)in a case where the securities are so bought back in the exercise of an option so acquired, as references to what would otherwise be the sale price less the amount of any consideration so given,
unless the consideration is brought into account under Schedule 26 to the Finance Act 2002 (derivative contracts).”.
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