CG56461 - Shares acquired on same day: election for alternative treatment: who can elect

To be able to make the election an individual must have acquired after 5 April 2002

  • shares of the same class, see TCGA92/S105B(6), in the same company
  • in different transactions
  • on the same day
  • in the same capacity.

»Ê¹ÚÌåÓýappse shares are referred to as ‘the relevant sharesâ€� in TCGA92/S105A and TCGA92/S105B and in paragraphs CG56461 to CG56463 of this guidance.

»Ê¹ÚÌåÓýapp individual must also have acquired some of the relevant shares by exercising

  • EMI option(s) such that there is no, or only a certain limited, liability to Income Tax when the option was exercised, or
  • option(s) under an approved Company Share Option Plan, or an approved SAYE share option scheme, without incurring any Income Tax charge when the option was exercised.

»Ê¹ÚÌåÓýapp relevant shares acquired in either of these ways are called ‘the approved-scheme sharesâ€� in TCGA92/S105A and TCGA92/S105B and in paragraphs CG56461 to CG56467 of this guidance.

»Ê¹ÚÌåÓýappre is one minor exception. No election can be made in respect of ordinary shares in a Venture Capital Trust, TCGA92/S105B (5).