Version Superseded: 12/02/2019
Point in time view as at 26/05/2015.
Taxation of Chargeable Gains Act 1992, Paragraph 3 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F13(1)Sub-paragraph (2) applies where—U.K.
(a)a person (“P”) grants at any time an option binding P to sell an interest in UK land, and
(b)a disposal by P of that interest in UK land at that time would be a disposal of a UK residential property interest by virtue of paragraph 1.
(2)The grant of the option is regarded for the purposes of this Schedule as the disposal of an interest in the land in question (if it would not be so regarded apart from this paragraph).
(3)Nothing in this paragraph affects the operation of section 144 in relation to the grant of the option (or otherwise).
(4)Subsection (6) of section 144 (interpretation of references to “sale” etc) applies for the purposes of this paragraph as it applies for the purposes of that section.]
Textual Amendments
F1Sch. B1 inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 36
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