Income Tax Act 2007 (c. 3)

Part 8 U.K. Other reliefs

Chapter 3 U.K. Gifts of shares, securities and real property to charities etc

Value of net benefit to charity U.K.

[F1 438A Acquisition value of qualifying investments U.K.

(1) For the purposes of this Chapter the acquisition value of a qualifying investment disposed of by an individual is—

(a) where the qualifying investment was acquired by the individual within the period of 4 years ending with the day on which the disposal is made, the cost to the individual of acquiring it, or

(b) where something from which the qualifying investment derives or which it represents was so acquired, such proportion of the cost to the individual of acquiring that thing as is just and reasonable to attribute to the qualifying investment.

(2) A reference in subsection (1) to the cost to the individual of an acquisition is to—

(a) the consideration given by the individual for the acquisition, less

(b) any amount that is received in connection with the acquisition, by the individual or a person connected with the individual, as part of the scheme in question.]

Textual Amendments

F1 S. 438A inserted (8.4.2010 with effect in accordance with Sch. 7 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 7 para. 3