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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. CITR: company reconstructions etc

Section 151BC | CITR: company reconstructions etc F1

From legislation.gov.uk

(1)If—F1

(a)an individual or company (“the investor”) holds shares in or debentures of a company (“company A”),F1

(b)there is a reconstruction or amalgamation affecting that holding (“the existing holding”),F1

(c)immediately before the reconstruction or amalgamation, CITR is attributable to the shares or debentures included in the existing holding in respect of one or more years of assessment or accounting periods, andF1

(d)the shares or debentures included in the existing holding have been held by the investor continuously from the time they were issued until the reconstruction or amalgamation,F1

sections 135 and 136 (share exchanges and company reconstructions) do not apply in respect of the existing holding.

(2)Subsection (1)(a) applies only if the shares or debentures are held by the investor in the same capacity.F1

(3)For the purposes of subsection (1) a “reconstruction or amalgamation” means an issue by a company of shares in or debentures of that company in exchange for or in respect of shares in or debentures of company A.F1

(4)The following provisions of this Act have effect subject to this section—F1

section 116 (reorganisations, conversions and reconstructions),

Chapter 2 of Part 4 (reorganisation of share capital, conversion of securities etc).

(5)The investor is treated as disposing of any securities or shares which but for subsection (1) the investor—F1

(a)would be treated as exchanging for other securities or shares by virtue of section 136, orF1

(b)would be so treated but for section 137(1) (which restricts section 136 to genuine reconstructions).F1

Notes

  1. F1

    S. 151BC inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 318 (with Sch. 2)

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