Article 9 Amendment of Part 9 of Schedule 26

Amend paragraph 45H (treatment of net gains and losses on terminal exercise of option) as follows.

In sub-paragraph (1)(b), for “exercised to any extent” substitute “to any extent exercised or otherwise disposed of”.

In sub-paragraph (2)(b) for paragraphs (i) and (ii) substitute—

“(i)

as a result of the exercise of rights mentioned in sub-paragraph (1)(b); and

(ii)

in circumstances where a disposal is deemed not to occur by virtue of section 127 of the Taxation of Chargeable Gains Act 1992^f1.”.