18.     Disposal of options

 

(1)     Where a person who is entitled to exercise an option-

 

(a)     to acquire an asset not intended for use wholly and exclusively for business purposes; or

(b)     to dispose of an asset not used wholly and exclusively for business purposes, has abandoned that option, allowed that option to expire, or in any other manner disposed of that option other than by way of the exercise thereof, any capital loss of that person determined in respect of that expiry shall be disregarded.

 

(2)     Subparagraph (1) does not apply in respect of an option to acquire or dispose of-

 

(a)     a coin made mainly from gold or platinum, of which the market value is mainly attributable to the material from which it is minted or cast;

(b)     immovable property, other than immovable property-

 

(i)      in the case of subparagraph (1)(a), which is intended to be the primary residence of the person entitled to exercise the option; or

(ii)     in the case of subparagraph (1)(b), is the primary residence of the person entitled to exercise the option;

 

(c)     a financial instrument; or

(d)     any right or interest in those assets contemplated in items (a), (b) and (c).