Clause 4

within 5 years after the year in which the later of the dates mentioned in subsection (7)(c) falls, either the individual (X) exercises, assigns, releases or acquires the right or benefit or, if the right or benefit is subject to any restriction on the sale of the shares so acquired, the restriction ceases to apply;

any gains or profits of X computed in accordance with subsection (6) would have been lower than the amount computed in accordance with subsection (7); and

X makes an application under subsection (7AC),then X’s gains or profits from the right or benefit are computed in accordance with subsection (6)(a) to (d) (whichever is applicable) and treated as income derived on the later of the dates mentioned in subsection (7)(c), and is chargeable to tax under subsection (1)(b).(7AB) Subsection (7) does not apply if —

within 5 years after the year in which the later of the dates mentioned in subsection (7)(c) falls, the right or benefit of the individual (also called X) to acquire the shares lapses, or is forfeited or cancelled; and (b)X makes an application under subsection (7AC).(7AC) In a case mentioned in subsection (7AA)(a) and (b) or subsection (7AB)(a), X may, within 5 years after the year in which the later of the dates mentioned in subsection (7)(c) falls, apply to the Comptroller to revise any assessment made on X in respect of the gains or profits deemed to be income under subsection (7).”.