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Section 116B: Shares beginning or ceasing to be shares to which section 521B of CTA 2009 applies

Taxation of Chargeable Gains Act 1992 · 1992 c. 12View on legislation.gov.uk

Part IV: Shares, securities, options etc. — Chapter I: General

If at any time section 521B of CTA 2009 (application of Part 5 of that Act to certain shares as rights under a creditor relationship) begins or ceases to apply in the case of a share held by the investing company it is treated for the purposes of this Act—

as having disposed of the share immediately before that time for consideration of an amount equal to the notional carrying value of the share at that time, and
as having immediately reacquired it for consideration of the same amount.

In this section—

  • "notional carrying value" has the same meaning as in subsection (2) of section 521F of CTA 2009 (see subsection (3) of that section),

  • "investing company" has the same meaning as it has for the purposes of Chapter 6A of Part 6 of that Act (shares accounted for as liabilities) (see section 521A(3) of that Act).

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.