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Section 149: Rights to acquire qualifying shares.

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

Part IV: Shares, securities, options etc. — Chapter III: Miscellaneous provisions relating to commodities, futures, options and other securities

This section applies where on or after 25th July 1991 (the day on which the Finance Act 1991 was passed) a building society confers—

on its members, or
on any particular class or description of its members,

any rights to acquire, in priority to other persons, shares in the society which are qualifying shares.

Any such right so conferred shall be regarded for the purposes of capital gains tax as an option granted to, and acquired by, the member concerned for no consideration and having no value at the time of that grant and acquisition.

In this section—

  • "member" includes a former member, and

  • "qualifying share" has the same meaning as in section 117(4).

About this text

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.