796. Options.

An option is an asset for CGT purposes1. The grant of an option is treated as the disposal of an asset, namely the option2. This treatment is provisional; later events may cause the grant to be charged as part of a larger transaction, eg where the option is exercised. Any part disposal, which might otherwise arise if the option were granted over property in which the grantor had an interest and the option were specifically enforceable, is excluded3. Where a person entitled to exercise an option disposes of it, for example by sale, exchange or gift, the gain or