No versions valid at: 19/03/1991
Point in time view as at 19/03/1991. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 1991, Section 55.
Valid from 25/07/1991
(1)In section 731 of the Taxes Act 1988 (scope of bondwashing provisions) the following subsections shall be inserted after subsection (4)—
“(4A)For the purposes of subsection (3) above, where a purchase or sale is effected as a direct result of the exercise of a qualifying option, it shall be treated as effected at the current market price if the terms under which the first buyer acquired the option, or, as the case may be, became subject to it, were arm’s length terms.
(4B)For the purposes of subsection (4A) above an option is a “qualifying option if it would be a traded option or financial option as defined in subsection (9) of section 137 of the 1979 Act were the reference in paragraph (b) of that subsection to the time of the abandonment or other disposal a reference to the time of exercise.
(4C)In subsection (4A) above the reference to arm’s length terms is to terms—
(a)agreed between persons dealing at arm’s length, or
(b)not so agreed, but nonetheless such as might reasonably be expected to have been agreed between persons so dealing.”
(2)This section shall apply where the subsequent sale by the first buyer takes place on or after the day on which this Act is passed.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
