[144ZB Exception to rule in section 144ZA]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[144ZB  Exception to rule in section 144ZA]

[(1)     This section applies where—

(a)     section 144ZA would apply but for this section in relation to an option, and

(b)     the exercise of the option is non-commercial (see section 144ZC).

(2)     But this section does not apply if—

(a)     the option is a securities option within the meaning of Chapter 5 of Part 7 of ITEPA 2003 (see section 420(8) of that Act) to which that Chapter applies . . . (see section 471 of that Act), or

(b)     section 144ZD of this Act (value of underlying subject matter of option altered with a view to obtaining a tax advantage)

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