[F1 Person to whom gain accruesU.K.
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 [F2any of the 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, [F3or
(c)to the person who holds the shares in question when they cease (or are treated for the purposes of this Schedule as ceasing) to be eligible shares.]
(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.]
Textual Amendments
F2Words in Sch. 5B para. 5(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(g)
F3Sch. 5B para. 5(1)(c) and preceding word substituted for Sch. 5B para. 5(1)(c)(d) (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 32