[F1169VGShares treated as disposed of in previous disposal: no claim madeU.K.
(1)The rules referred to in section 169VE(3) are as follows; and in this section “the disposal concerned” means the previous disposal mentioned in section 169VE(3).
(2)If any excluded shares were in the holding at the time immediately before the disposal concerned (“the material time”), the maximum number of excluded shares are to be treated as having been disposed of in the disposal concerned.
(3)“The maximum number of excluded shares” means—
(a)all the excluded shares in the holding at the material time, or
(b)if less, such number of those excluded shares as is equal to the number of shares disposed of.
(4)If—
(a)there were no excluded shares in the holding at the material time, or the number of such shares was less than the total number of shares disposed of, and
(b)potentially qualifying shares were in the holding at the material time,
the available potentially qualifying shares are to be treated as having been disposed of.
(5)“The available potentially qualifying shares” means—
(a)all the potentially qualifying shares in the holding at the material time, or
(b)if less, such number of those potentially qualifying shares as is equal to the difference between—
(i)the total number of shares disposed of, and
(ii)the number of excluded shares in the holding at the material time.
(6)Where the number of potentially qualifying shares in the holding at the material time exceeds the difference mentioned in subsection (5), potentially qualifying shares acquired later are to be treated as disposed of in preference to ones acquired earlier.
(7)If the number of shares treated under subsections (2) to (5) as disposed of in the disposal concerned is less than the total number of shares disposed of, such number of the qualifying shares in the holding at the material time as is equal to the difference are to be treated as having been disposed of.
(8)In this section “disposed of” (without more) means disposed of in the disposal concerned.]
Textual Amendments
F1Pt. 5 Ch. 5 inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 2