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26(1)This paragraph applies where under an approved scheme there is conferred on any person by virtue of his being, or having been, a registered producer—E+W+S+N.I.
(a)any right to acquire shares in a body which is a relevant successor of the relevant board, or of a subsidiary of that board, in priority to other persons,
(b)any right to acquire shares in that body for consideration of an amount or value lower than the market value of the shares, or
(c)any right to free shares in that body.
(2)The right shall be regarded for the purposes of tax on chargeable gains as an option (within the meaning of section 144 of the Taxation of Chargeable Gains Act 1992) granted to, and acquired by, him for no consideration and having no value at the time of that grant and acquisition.
(3)For the purposes of sub-paragraph (1)(c) above, shares are free if they are issued or transferred without any consideration being provided by the person acquiring them, there being disregarded for this purpose any depreciatory effect of transfers under the scheme on the value of a right to participate in a winding up of the relevant board.
(4)Sub-paragraph (6) of paragraph 20 above shall apply for the purposes of this paragraph as it applies for the purposes of that.
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