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Legislation
Taxation of Chargeable Gains Act 1992

Chapter III Miscellaneous provisions relating to commodities, futures, options and other securities

  • Section 142 Capital gains on stock dividends.
  • Section 142A REITs: chargeable gains on stock dividends
  • Section 143 Commodity and financial futures and qualifying options.
  • Section 144 Options and forfeited deposits.
  • Section 144ZA Application of market value rule in case of exercise of option
  • Section 144ZB Exception to rule in section 144ZA
  • Section 144ZC Section 144ZB: non-commercial exercise of option
  • Section 144ZD Section 144ZB: alteration of value to obtain tax advantage
  • Section 144A Cash-settled options.
  • Section 145 Call options: indexation allowance.
  • Section 146 Options: application of rules as to wasting assets.
  • Section 147 Quoted options treated as part of new holdings.
  • Section 148 Traded options: closing purchases.
  • Section 148A Futures and options involving guaranteed returns
  • Section 148B Deemed disposals at a gain under section 564(4) of ITTOIA 2005
  • Section 148C Deemed disposals at a loss under section 564(4) of ITTOIA 2005
  • Section 149 Rights to acquire qualifying shares.
  • Section 149A Employment-related securities options
  • Section 149AA Restricted and convertible employment-related securities and employee shareholder shares
  • Section 149AB Shares in research institution spin-out companies
  • Section 149B Employee incentive schemes: conditional interests in shares.
  • Section 149C Priority share allocations
  • Section 150 Business expansion schemes.
  • Section 150A Enterprise investment scheme.
  • Section 150B Enterprise investment scheme: reduction of EIS relief.
  • Section 150C Enterprise investment scheme: re-investment.
  • Section 150D Enterprise investment scheme: application of taper relief
  • Section 150E Seed enterprise investment scheme
  • Section 150F Seed enterprise investment scheme: reduction of relief
  • Section 150G Seed enterprise investment scheme: re-investment
  • Section 151 Personal equity plans.
  • Section 151A Venture capital trusts: reliefs.
  • Section 151B Venture capital trusts: supplementary.
  • Section 151BA CITR: identification of securities or shares on a disposal
  • Section 151BB CITR: rights issues etc
  • Section 151BC CITR: company reconstructions etc
  • Section 151C Strips: manipulation of price: associated payment giving rise to loss
  • Section 151D Corporate strips: manipulation of price: associated payment giving rise to loss
  • Section 151E Exchange gains and losses from loan relationships: regulations
  • Section 151F Treatment of alternative finance arrangements
  • Section 151G Regulations where non-qualifying shares conditions altered
  1. Chapter III · Miscellaneous provisions relating to commodities, futures, options and other securities
  2. Venture capital trusts: reliefs.

Section 151A | Venture capital trusts: reliefs. F1

From legislation.gov.uk

(1)A gain or loss accruing to an individual on a qualifying disposal of any ordinary shares in a company which—F1

(a)was a venture capital trust at the time when he acquired the shares, andF1

(b)is still such a trust at the time of the disposal,F1

shall not be a chargeable gain or, as the case may be, an allowable loss.

(2)For the purposes of this section a disposal of shares is a qualifying disposal in so far as—F1

(a)it is made by an individual who has attained the age of eighteen years;F1

(b)the shares disposed of were not acquired in excess of the permitted maximum for any year of assessment; andF1

(c)that individual acquired those shares for bona fide commercial purposes and not as part of a scheme or arrangement the main purpose of which, or one of the main purposes of which, is the avoidance of tax.F1

(3)RepealedF2F1

(4)In determining for the purposes of this section whether a disposal by any person of shares in a venture capital trust relates to shares acquired in excess of the permitted maximum for any year of assessment, it shall be assumed (subject to subsection (5) below)—F1

(a)as between shares acquired by the same person on different days, that those acquired on an earlier day are disposed of by that person before those acquired on a later day; andF1

(b)as between shares acquired by the same person on the same day, that those acquired in excess of the permitted maximum are disposed of by that person before he disposes of any other shares acquired on that day.F1

(5)It shall be assumed for the purposes of subsection (1) above that a person who disposes of shares in a venture capital trust disposes of shares acquired at a time when it was not such a trust before he disposes of any other shares in that trust.F1

(6)References in this section to shares in a venture capital trust acquired in excess of the permitted maximum for any year of assessment shall be construed as references to shares not acquired within the limit in section 709(4) of ITTOIA 2005; and the question whether shares are acquired within that limit shall be determined as it is for the purposes of Chapter 5 of Part 6 of that Act.F1F3

(7)In this section and section 151B “ordinary shares”, in relation to a company, means any shares forming part of the company’s ordinary share capital (within the meaning given in section 989 of ITA 2007).F1F4

Notes

  1. F1

    Ss. 151A, 151B inserted (with effect in accordance with s. 72(8) of the amending Act) by Finance Act 1995 (c. 4), s. 72(3)

  2. F2

    S. 151A(3) repealed (with effect in accordance with Sch. 19 para. 7 of the amending Act) by Finance Act 2004 (c. 12), Sch. 19 para. 4, Sch. 42 Pt. 2(13)

  3. F3

    Words in s. 151A(6) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 437 (with Sch. 2)

  4. F4

    Words in s. 151A(7) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 314 (with Sch. 2)

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