Section 70 | Chargeable amounts.

(1)This section has effect to determine the chargeable amount for the purposes of section 68 above.

(2)If the chargeable event falls within section 69(1)(a), (b) or (c) above the following rules shall apply—

(a)if the event constitutes a disposal of the securities by the trustees for the purposes of the Taxation of Chargeable Gains Act 1992, the chargeable amount is an amount equal to the sums allowable under section 38(1)(a) and (b) of that Act;^F1

(b)if the event does not constitute such a disposal, the chargeable amount is an amount equal to the sums which would be so allowable had the trustees made a disposal of the securities for the purposes of that Act at the time the chargeable event occurs.

(3)If the chargeable event falls within section 69(1)(d) above the chargeable amount is an amount equal to the sum concerned.

(4)If the chargeable event falls within section 69(1)(e) above the chargeable amount is an amount equal to—^F2

(a)the amount of the consideration received for the qualifying transfer mentioned in section 69(1)(e) above, less^F2

(b)the amount of any expenditure by the trustees for a qualifying purpose during the period mentioned in section 69(5A) above.^F2