Section 116B — Taxation of Chargeable Gains Act 1992: Shares beginning or ceasing to be shares to which section 521B of CTA 2009 applies

Shares beginning or ceasing to be shares to which section 521B of CTA 2009 applies 116B 1 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—

a 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 b as having immediately reacquired it for consideration of the same amount.

2 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).