Related HMRC Manuals

667(1)  This section applies if–

(a)a company is a party to a derivative contract in an accounting period,

(b)the derivative contract is a plain vanilla contract,

(c)the contract is an option,

(d)rights to acquire shares are comprised in the contract, and

(e)shares are acquired as a result of the exercise of any of those rights in the accounting period.

667(2)  For the purpose of calculating any chargeable gain accruing to the company on a disposal by it of all the shares so acquired, the sums allowable as a deduction under section 38(1)(a) of TCGA 1992 (acquisition costs) are–

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