4(1)This paragraph applies where, on or after the day on which this Act is passed, a building society confers—
(a)on its members, or
(b)on any particular class or description of its members,
any rights to acquire, in priority to other persons, shares in the society which are qualifying shares.
(2)Any such right so conferred shall be regarded for the purposes of capital gains tax as an option granted to, and acquired by, the member concerned for no consideration and having no value at the time of that grant and acquisition.
(3)In this paragraph—
“building society” means a building society within the meaning of the [1986 c. 53.] Building Societies Act 1986;
“member” includes former member;
“qualifying share” has the same meaning as in section 64(3E) of the [1984 c. 43.] Finance Act 1984.