The Market Value of Shares, Securities and Strips Regulations, SI 2015/616, implement the Office of Tax Simplification’s recommendation to replace the ‘quarter up’ method of determining the market value of listed shares with the closing price on the relevant day, with effect from 6 April 2015. The final regulations differ from the July/August 2014 consultation draft in that they do not: specify a fixed test for establishing the market value of shares listed on a foreign exchange; or make specific provision for CGT ‘no gain/no loss’ on same-day disposals of employment-related securities.
The Finance Act 2007, Schedule 26, Paragraphs 4 and 5 (Valuation of Shares) (Appointed Day) Order, SI 2015/635, appoints 6 April 2015 as the effective date for the switch to determining the market value of listed shares and securities by reference to the closing price on the relevant day, in place of the ‘quarter-up’ method. Regulations implementing the change are contained in SI 2015/616 (above). The Office of Tax Simplification recommended this change as part of its 2013 report on unapproved share schemes.
The Market Value of Shares, Securities and Strips Regulations, SI 2015/616, implement the Office of Tax Simplification’s recommendation to replace the ‘quarter up’ method of determining the market value of listed shares with the closing price on the relevant day, with effect from 6 April 2015. The final regulations differ from the July/August 2014 consultation draft in that they do not: specify a fixed test for establishing the market value of shares listed on a foreign exchange; or make specific provision for CGT ‘no gain/no loss’ on same-day disposals of employment-related securities.
The Finance Act 2007, Schedule 26, Paragraphs 4 and 5 (Valuation of Shares) (Appointed Day) Order, SI 2015/635, appoints 6 April 2015 as the effective date for the switch to determining the market value of listed shares and securities by reference to the closing price on the relevant day, in place of the ‘quarter-up’ method. Regulations implementing the change are contained in SI 2015/616 (above). The Office of Tax Simplification recommended this change as part of its 2013 report on unapproved share schemes.
