Options
A new client sold an option to purchase a non-business asset for £20k in November 2005. The option was exercised in February 2010, with sale proceeds of £2m.
Is the sale of the option subject to CGT in 2005/06 or 2009/10? Presumably, if it is taxed in 2005/06, the annual exemption can be used, with 2009/10's annual exemption also available against the sale in February 2010.
Date of exercise