Textual Amendments
F1Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)
5(1)The chargeable gain which accrues, in accordance with paragraph 4 above, on the occurrence in relation to any relevant shares of a chargeable event shall be treated as accruing, as the case may be—U.K.
(a)to the person who makes the disposal,
(b)to the person who becomes a non-resident,
(c)to the person who holds the shares in question when the company ceases to be a qualifying company, or
(d)to the person who holds the shares in question when the circumstances arise in respect of which the relief is withdrawn or reduced.
(2)Where—
(a)sub-paragraph (1) above provides for the holding of shares at a particular time to be what identifies the person to whom any chargeable gain accrues, and
(b)at that time, some of those shares are held by the investor and others are held by a person to whom the investor has transferred them by a disposal within marriage,
the amount of the chargeable gain accruing by virtue of paragraph 4 above shall be computed separately in relation to the investor and that person without reference to the shares held by the other.]