Section 47 of the Capital Gains Tax Act, 1975, is hereby amended, as on and from the 7th day of May, 1992 -
(a) in subsection (3), by the deletion of "or abandonment",
(b) by the insertion after subsection (3) of the following subsection:
(a) The abandonment of an option by the person for the time being entitled to exercise it shall constitute the disposal of an asset (namely, the option) by that person.
(b) Subject to subsection (5) and paragraph (a) of subsection (6), the abandonment of an option by the person for the time being entitled to exercise it shall not give rise to an allowable loss.",
(c) in subsection (5), by the substitution of the following paragraph for paragraph (a):
"(a) if the option is abandoned, paragraph (b) of subsection (3A) shall not apply, and",
(d) in subsection (6) -
(i) by the substitution of the following paragraph for paragraph (a):
"(a) Where -
(i) a quoted option to subscribe for shares in a company, or
(ii) a traded option,