[144ZC Section 144ZB: non-commercial exercise of option]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[144ZC  Section 144ZB: non-commercial exercise of option]

[(1)     For the purposes of section 144ZB, the exercise of an option which binds the grantor to buy is non-commercial if the exercise price for the option (see subsection (3)) is less than the open market price (see subsection (4)) of what is bought.

(2)     For the purposes of section 144ZB, the exercise of an option which binds the grantor to sell is non-commercial if the exercise price for the option is greater than the open market price of what is sold.

(3)     In this section “exercise price”, in relation to an

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