(1)The Treasury may make regulations providing that an individual who invests under a plan shall be entitled to relief from capital gains tax in respect of the investments.
(2)Subsections [F1(1A)] to (5) of section 333 of the Taxes Act F2... shall apply in relation to regulations under subsection (1) above as they apply in relation to regulations under subsection (1) of that section but with the substitution for any reference to income tax of a reference to capital gains tax.
[F3(2A)Section 333A of the Taxes Act (F4... tax representatives) shall apply in relation to regulations under subsection (1) above as it applies in relation to regulations under section 333 of that Act.]
(3)Regulations under this section may include provision securing that losses are disregarded for the purposes of capital gains tax where they accrue on the disposal of investments on or after 18th January 1988.
[F5(4)Regulations under this section may include provision which, for cases where a person subscribes to a plan by transferring or renouncing shares or rights to shares—
(a)modifies the effect of this Act in relation to their acquisition and their transfer or renunciation; and
(b)makes consequential modifications of the effect of this Act in relation to anything which (apart from the regulations) would have been regarded on or after their acquisition as an indistinguishable part of the same asset.]
Textual Amendments
F1Word in s. 151(2) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 75(6)
F2Words in s. 151(2) repealed (31.7.1998) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(15)
F3S. 151(2A) inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 64(2)
F4Words in s. 151(2A) repealed (31.7.1998) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(15)
F5S. 151(4) inserted (27.7.1993) by 1993 c. 34, s.85
Modifications etc. (not altering text)
C1S. 151 extended (31.7.1998) by Finance Act 1998 (c. 36), s. 123(7)(b)