Clause 3 - Special provision for roll-overs
Social Security Contributions
12:00 pm
Mr Joe Benton (Bootle, Labour)
With this it will be convenient to discuss amendment No. 15, in page 5, leave out lines 21 to 38 and insert—
`(7) For the purposes of this section shares in relation to any right (``the new right'') constituting or comprised in the consideration for the assignment or release of another right (``the old right'') are additional shares in the same proportion that any enhanced gain in that right bears to the entire gain in that gain immediately after the grant or acquisition of the new right.
(8) For the purposes of subsection (7) above
(a) the gain in the new right is the gain that would be chargeable to income tax under section 135 of the Income and Corporation Taxes Act 1988 on an immediate exercise of that right; and
(b) an enhanced gain is the amount by which the gain in the new right exceeds the gain that would have been chargeable to income tax under section 135 of the Income and Corporation Taxes Act 1988 on an exercise of the old right immediately prior to its assignment or release.'.
Clause 3 stand part.