(1) This section applies where, by virtue of section 128, a person (in this section referred to as a 'taxable person') is chargeable to tax under Schedule E for a year of assessment on an amount equal to the gain realised by the exercise, on or after 30 June 2003 and before 1 January 2024, of a right to acquire shares (in this section referred to as 'relevant shares') in a company.
(2) Where this section applies for a year of assessment, the taxable person shall pay an amount of tax (in this section referred to as 'relevant tax') in respect of the gain realised by the exercise of the right to acquire relevant shares, and that amount of tax shall be determined by the formula -
A × B
where -
A is the amount of that gain computed in accordance with section 128(4), and
B is the percentage which is equal to the higher rate in force for the year of assessment in which the taxable person exercises the right to acquire the relevant shares.
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