C1Part IV Shares, securities, options etc.
Annotations:
Modifications etc. (not altering text)
Chapter III Miscellaneous provisions relating to commodities, futures, options and other securities
149 Rights to acquire qualifying shares.
1
This section applies where on or after 25th July 1991 (the day on which the M1Finance Act 1991 was passed) a building society confers—
a
on its members, or
b
on any particular class or description of its members,
any rights to acquire, in priority to other persons, shares in the society which are qualifying shares.
2
Any such right so conferred shall be regarded for the purposes of capital gains tax as an option granted to, and acquired by, the member concerned for no consideration and having no value at the time of that grant and acquisition.
3
In this section—
“member” includes a former member, and
“qualifying share” has the same meaning as in section 117(4).
Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)