SCHEDULES

SCHEDULE 26Meaning of "recognised stock exchange" etc

Valuation of shares listed on recognised stock exchange for purposes of TCGA 1992 etc

4

1

In section 272 of TCGA 1992 (valuation: general), for subsections (3) and (4) substitute—

3

The Treasury may make regulations as to the manner for determining for the purposes of this Act—

a

the market value at any time of shares or securities which are included in the official UK list, and

b

the market value at any time of shares or securities which are listed on a recognised stock exchange outside the United Kingdom.

4

The regulations may—

a

make different provision for different cases, and

b

contain incidental, supplemental, consequential and transitional provision and savings.

2

The amendment made by sub-paragraph (1) has effect where the date of valuation falls on or after such day as may be appointed by the Treasury by order; and different days may be appointed for different purposes.