# Taxation of Chargeable Gains Act 1992, Paragraph 22

Extent: E+W+S+N.I.

(1) This paragraph applies if at any time an election which has been made under paragraph 12 in respect of a qualifying fund or qualifying company ceases to have effect.
(2) In the case of an election made in respect of a qualifying fund, each participant in the relevant fund is deemed for the purposes of this Act—
(a) to have sold its units in the relevant fund immediately before that time, and
(b) to have immediately reacquired those rights and interests,
at their market value immediately before that time.
(3) In the case of an election made in respect of a qualifying company, each participant in the relevant fund is deemed for the purposes of this Act—
(a) to have sold its rights and interests in the relevant entity immediately before that time, and
(b) to have immediately reacquired those rights and interests,
at their market value immediately before that time.
(4) In this paragraph “the relevant entity” has the same meaning as in paragraph 21.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/5AAA/paragraph/22 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5AAA/paragraph-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.