Related Commentary  Related HMRC Manuals

169VG(1)  The rules referred to in section 169VE(3) are as follows; and in this section “the disposal concerned” means the previous disposal mentioned in section 169VE(3).

169VG(2)  If any excluded shares were in the holding at the time immediately before the disposal concerned (“the material time”), the maximum number of excluded shares are to be treated as having been disposed of in the disposal concerned.

169VG(3)  “The maximum number of excluded shares” means–

(a)all the excluded shares in the holding at the material time, or

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