140 Further interpretation of sections 135 to 139.U.K.
M1(1)For the purposes of section 135, 136, 138 or 139, a right to acquire shares is obtained by a person as a director or employee (within the meaning of the section in question) of a body corporate—
(a)if it is granted to him by reason of his office or employment as such a director or employee who is chargeable to tax in respect of that office or employment under Case I of Schedule E; or
(b)if the right is assigned to him and was granted by reason of any such office or employment of his to some other person;
and paragraph (a) above shall apply to a right granted by reason of a person’s office or employment after he has ceased to hold it if it would apply to a right so granted in the last chargeable period in which he did hold it.
(2)M2For those purposes any question whether a person is connected with another shall be determined in accordance with section 839.
(3)M3For those purposes—
“market value” has the same meaning as, for the purposes of the [F11992] Act, it has by virtue of section [F1272] of that Act; and
“securities” has the meaning given by section 254(1).
Textual Amendments
F1Words in s. 140(3) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(11) (with ss. 60, 101(1), 171, 201(3)).
Marginal Citations
M1Source—1970 s.186(9); 1972 Sch.12 7
M2Source—1970 s.186(10)(b); 1972 Sch.12 9
M3Source—1972 s.77(3), 79(12), Sch.12 6; 1970 s.186(10)