[F1169VFShares treated as disposed of in previous disposal where claim madeU.K.
(1)The rules referred to in section 169VE(2) are as follows; and in this section “the disposal concerned” means the previous disposal mentioned in section 169VE(2).
(2)There are to be treated as having been disposed of in the disposal concerned—
(a)all the qualifying shares in the holding at the time immediately before that disposal (“the material time”), or
(b)if less, such number of those qualifying shares as equals the number of shares disposed of in that disposal.
(3)If—
(a)the number of qualifying shares in the holding at the material time was less than the total number of shares disposed of, and
(b)excluded shares were in the holding at the material time,
the available excluded shares are also to be treated as having been disposed of.
(4)“The available excluded shares” means—
(a)all the excluded shares in the holding at the material time, or
(b)if less, such number of those excluded shares as is equal to the difference between—
(i)the total number of shares disposed of, and
(ii)the number of qualifying shares in the holding at the material time.
(5)If the number of shares treated under subsections (2) to (4) as disposed of in the disposal concerned is less than the total number of shares disposed of, such number of the potentially qualifying shares in the holding at the material time as is equal to the difference are also to be treated as having been disposed of.
(6)Where the number of potentially qualifying shares in the holding at the material time exceeds the difference mentioned in subsection (5), under that subsection potentially qualifying shares acquired later are to be treated as disposed of in preference to ones acquired earlier.
(7)In this section “disposed of” (without more) means disposed of in the disposal concerned.]
Textual Amendments
F1Pt. 5 Ch. 5 inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 2