(1) Subject to subsection (2), in any case where -
(a) for any year of assessment a person is chargeable to tax under Schedule E, by virtue of section 128, on an amount equal to a gain realised by the exercise of a right to acquire shares in a company ('the relevant shares'), which right was exercised in the period from 6 April 2000 to the date of the passing of the Finance Act 2003, and
(b) following an assessment for the year in which that right was exercised ('the relevant year') an amount of tax, chargeable by virtue of section 128 in respect of the amount referred to in paragraph (a), is payable to the Collector-General, and
(c) the person concerned makes an election in accordance with subsection (3),
he or she shall be entitled to defer payment of the tax in accordance with subsection (4).
(2) Subsection (1) shall not apply where the relevant shares are disposed of by the person concerned in the relevant year.
(3) An election under this section shall be made by notice in writing
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