Paragraph 2 F1

United Kingdom

(1)

On the making of a claim by the investor for the purposes of this Schedule, so much of the investor’s unused qualifying expenditure on F2the relevant shares as—

(a)

is specified in the claim, and

(b)

does not exceed so much of the original gain as is unmatched,

shall be set against a corresponding amount of the original gain.

(2)

Where an amount of qualifying expenditure on F3the relevant shares is set under this Schedule against the whole or part of the original gain—

(a)

so much of that gain as is equal to that amount shall be treated as not having accrued at the accrual time; but

(b)

paragraphs 4 and 5 below shall apply for determining the gain that is to be treated as accruing on the occurrence of any chargeable event in relation to any of F4the relevant shares.

(3)

For the purposes of this Schedule—

(F5a)

the investor’s qualifying expenditure on the relevant shares is the amount subscribed by him for the shares; and

(b)

that expenditure is unused to the extent that it has not already been set under this Schedule F6or paragraph 1(5) of Schedule 5BB against the whole or any part of a chargeable gain.

(4)

For the purposes of this paragraph the original gain is unmatched, in relation to any qualifying expenditure on F7the relevant shares, to the extent that it has not had any other expenditure set against it under this Schedule F8or paragraph 1(5) of Schedule 5BB F9... .

Annotations

Textual amendments

F1: Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)
F2: Words in Sch. 5B para. 2(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(a)
F3: Words in Sch. 5B para. 2(2)(3) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(b)
F4: Words in Sch. 5B para. 2(2)(b) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(c)
F5: Sch. 5B para. 2(3)(a) substituted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 29
F6: Words in Sch. 5B para. 2(3)(b) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 22(a)
F7: Words in Sch. 5B para. 2(4) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(a)
F8: Words in Sch. 5B para. 2(4) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 22(b)
F9: Words in Sch. 5B para. 2(4) repealed (with effect in accordance with Sch. 19 para. 7 of the amending Act) by Finance Act 2004 (c. 12), Sch. 19 para. 6(2), Sch. 42 Pt. 2(13)