- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Section 138A of the Taxation of Chargeable Gains Act 1992 (c. 12) (use of earn-out rights for exchange of securities) is amended as follows.
(2)In subsection (2) (seller’s right to elect for earn-out right to be treated as security of new company)—
(a)at the end of paragraph (a) insert “and”; and
(b)omit paragraph (c) (the seller’s right of election) and the word “and” immediately preceding it.
(3)After subsection (2) insert—
“(2A)Subsection (2) above does not have effect if the seller elects under this section for the earn-out right not to be treated as a security of the new company.”.
(4)In subsection (4) (election for corresponding treatment where old right extinguished in consideration of new right)—
(a)at the end of paragraph (c) insert “and”;
(b)omit paragraph (e) (right of election of person on whom the new right is conferred) and the word “and” immediately preceding it; and
(c)in the closing words, for “that person” substitute “the person on whom the new right is conferred”.
(5)After subsection (4) insert—
“(4A)Subsection (4) above does not have effect if the person on whom the new right is conferred elects under this section for it not to be treated as a security of the new company.”.
(6)The amendments made by this section have effect in relation to rights conferred on or after 10th April 2003.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: