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Finance Act 1996

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This is the original version (as it was originally enacted).

The Taxation of Chargeable Gains Act 1992

10(1)In each of the provisions of the Taxation of Chargeable Gains Act 1992 listed in sub-paragraph (2) below, for the word “quoted” (wherever occurring) there shall be substituted “listed”.

(2)The provisions referred to in sub-paragraph (1) above are—

(a)section 144(8)(b);

(b)the definition of “unquoted company” in section 164N(1);

(c)section 165(2)(b)(i);

(d)section 276(2)(c) and (6);

(e)section 281(3)(c); and

(f)paragraph 2(2)(b)(i) of Schedule 7.

(3)So far as relating to the provisions mentioned in sub-paragraph (2)(a) and (c) to (f) above, sub-paragraph (1) above has effect in relation to disposals on or after 1st April 1996.

(4)So far as relating to the provision mentioned in sub-paragraph (2)(b) above, sub-paragraph (1) above has effect in relation to acquisitions of qualifying investments (within the meaning of section 164A of that Act) on or after 1st April 1996.

11(1)In section 146(4)(b) of that Act (definition of “quoted shares and securities”), for the words “have a quoted market value” there shall be substituted the words “are listed”.

(2)This paragraph has effect in relation to disposals of options on or after 1st April 1996.

12(1)In section 272(3) of that Act (market value of certain listed shares or securities), for “listed” there shall be substituted “quoted”.

(2)In Schedule 11 to that Act (transitional provisions and savings), in paragraph 7(1)(a) (modification of section 272(3) when ascertaining market values before 25th March 1973), for “listed” there shall be substituted “quoted”.

(3)This paragraph has effect where the relevant date falls on or after 1st April 1996.

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