SCHEDULE 17Chargeable gains: re-investment relief


7(1)This Schedule—

(a)applies in relation to shares acquired after 26th November 1996; and

(b)subject to sub-paragraph (3) below, applies after 26th November 1996 in relation to shares that fall within sub-paragraph (2) below.

(2)Shares fall within this sub-paragraph if—

(a)they were acquired by a person at any time on or before 26th November 1996;

(b)they were held by him throughout the period beginning with that time and ending with 26th November 1996; and

(c)at all times in that period they were, for the purposes of Chapter IA of Part V of the [1992 c. 12.] Taxation of Chargeable Gains Act 1992, eligible shares in a qualifying company.

(3)The application of the preceding provisions of this Schedule in relation to any shares falling within sub-paragraph (2) above shall not prevent those shares from being (or having been) shares in a qualifying company at any relevant time when those shares would have been shares in such a company if this Schedule had not been enacted.

(4)For the purposes of sub-paragraph (3) above a time is a relevant time in relation to any shares falling within sub-paragraph (2) above if it is a time after 26th November 1996 and within the period of 3 years after the acquisition of the shares.