3U.K.After section 438 insert—
“438AAcquisition value of qualifying investments
(1)For the purposes of this Chapter the acquisition value of a qualifying investment disposed of by an individual is—
(a)where the qualifying investment was acquired by the individual within the period of 4 years ending with the day on which the disposal is made, the cost to the individual of acquiring it, or
(b)where something from which the qualifying investment derives or which it represents was so acquired, such proportion of the cost to the individual of acquiring that thing as is just and reasonable to attribute to the qualifying investment.
(2)A reference in subsection (1) to the cost to the individual of an acquisition is to—
(a)the consideration given by the individual for the acquisition, less
(b)any amount that is received in connection with the acquisition, by the individual or a person connected with the individual, as part of the scheme in question.”