SCHEDULES
F1SCHEDULE 5B Enterprise investment scheme: re-investment
Gain accruing on chargeable event
4
1
On the occurrence of a chargeable event in relation to F4any of the relevant shares in relation to which there has not been a previous chargeable event—
a
a chargeable gain shall be treated as accruing at the time of the event; and
F6b
the amount of the gain shall be equal to so much of the deferred gain as is attributable to the shares in relation to which the chargeable event occurs.
F22
Any question for the purposes of capital gains tax as to whether any shares to which a disposal (including a disposal within marriage F10or civil partnership) relates are shares to which deferral relief is attributable shall be determined in accordance with sub-paragraphs (3) and (4) below.
3
Where shares of any class in a company have been acquired by an individual on different days, any disposal by him of shares of that class shall be treated as relating to those acquired on an earlier day rather than to those acquired on a later day.
4
Where shares of any class in a company have been acquired by an individual on the same day, any of those shares disposed of by him shall be treated as disposed of in the following order, namely—
a
first any to which neither deferral relief nor relief under Chapter III of Part VII of the Taxes Act F11or Part 5 of ITA 2007 is attributable;
b
next any to which deferral relief, but not relief under that Chapter F11or that Part, is attributable;
c
next any to which relief under that Chapter F11or that Part, but not deferral relief, is attributable; and
d
finally any to which both deferral relief and relief under that Chapter F11or that Part are attributable.
4A
The following, namely—
a
b
shall be treated for the purposes of sub-paragraphs (3) and (4) above as acquired by him on the day on which they were issued.
4B
Chapter I of Part IV of this Act has effect subject to sub-paragraphs (2) to (4A) above.
4C
Sections 104, 105 and 106A shall not apply to shares to which deferral relief, but not relief under Chapter III of Part VII of the Taxes Act F14or Part 5 of ITA 2007, is attributable.
5
Where at the time of a chargeable event F5any of the relevant shares are treated for the purposes of this Act as represented by assets which consist of or include assets other than those shares—
F7a
so much of the deferred gain as is attributable to those shares shall be treated, in determining for the purposes of this paragraph the amount of the deferred gain to be treated as attributable to each of those assets, as apportioned in such manner as may be just and reasonable between those assets; and
F86
In order to determine, for the purposes of this paragraph, the amount of the deferred gain attributable to any shares, a proportionate part of the amount of the gain shall be attributed to each of the relevant shares held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any of the relevant shares from the investor on a disposal within marriage F10or civil partnership.
7
In this paragraph “the deferred gain” means—
a
the amount of the original gain against which expenditure has been set under this Schedule, less
b
the amount of any gain treated as accruing under this paragraph previously as a result of a disposal of any of the relevant shares.
Sch. 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)