Related Commentary  Related HMRC Manuals

653(1)  Subsections (2) and (3) apply if–

(a)the option mentioned in section 652(3) is exercised at any time in the accounting period, and

(b)shares are issued or transferred in fulfilment of the obligations under the option (“the relevant disposal”).

653(2)  Section 144(2) of TCGA 1992 (exercise of options) applies to the relevant disposal as if the tax-adjusted carrying value of the option at the time the company became a party to the debtor relationship mentioned in section 652(2) were the consideration for the grant of the option.

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