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Change 1
As published
138 Options: application of rules as to wasting assets.
(1) Section 38 above (wasting assets: restriction of allowable expenditure) shall not apply—
(a) to a quoted option to subscribe for shares in a company, or
(aa) to a traded option or financial option, or
(b) to an option to acquire assets exercisable by a person intending to use them, if acquired, for the purpose of a trade carried on by him.
(2) In relation to the disposal by way of transfer of an option (other than an option falling within subsection 1(a) or (aa) above) binding the grantor to sell or buy quoted shares or securities, the option shall be regarded as a wasting asset the life of which ends when the right to exercise the option ends, or when the option becomes valueless, whichever is the earlier.
Subsections (6) and (7) of section 137 shall apply in relation to this subsection as they apply in relation to that section.
(3) The preceding provisions of this section are without prejudice to the application of sections 37 to 39 above (wasting assets) to options not within those provisions.
(4) In this section—
(a) “financial option”, “quoted option” and “traded option” have the meaning given by section 137(9) above, and
(b) “quoted shares or securities” means shares or securities which have a quoted market value on a recognised stock exchange in the United Kingdom or elsewhere.
Your change, as a redline
138 Options: application of rules as to wasting assets.
(1) Section 38 above (wasting assets: restriction of allowable expenditure) shall not apply—
(a) to a quoted option to subscribe for shares in a company, or
(aa) to a traded option or financial option, or
(b) to an option to acquire assets exercisable by a person intending to use them, if acquired, for the purpose of a trade carried on by him.
(2) In relation to the disposal by way of transfer of an option (other than an option falling within subsection 1(a) or (aa) above) binding the grantor to sell or buy quoted shares or securities, the option shall be regarded as a wasting asset the life of which ends when the right to exercise the option ends, or when the option becomes valueless, whichever is the earlier.
Subsections (6) and (7) of section 137 shall apply in relation to this subsection as they apply in relation to that section.
(3) The preceding provisions of this section are without prejudice to the application of sections 37 to 39 above (wasting assets) to options not within those provisions.
(4) In this section—
(a) “financial option”, “quoted option” and “traded option” have the meaning given by section 137(9) above, and
(b) “quoted shares or securities” means shares or securities which have a quoted market value on a recognised stock exchange in the United Kingdom or elsewhere.
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