(1)
Subject to exemptions as may be provided in Part I of Chapter Eight of this Act, all forms of property shall be chargeable assets for the purpose of this Part, whether situated in Nigeria or not, including –
(a)
any form of asset, shares, options, rights, debts, digital or virtual assets and incorporeal property generally:
Provided that gains accruing to a person on disposal of shares in any Nigerian company shall not be chargeable gains where the –
(i)
disposal proceeds, in aggregate, is less than N150,000,000 and the chargeable gain does not exceed N10,000,000 in any 12 consecutive months,
(ii)
shares are transferred between an approved borrower and a lender in a regulated securities lending transaction ; or
(iii)
proceeds from such disposal, notwithstanding the threshold in (i), are reinvested within the same year of assessment in the acquisition of shares in the same or other Nigerian companies :
Provided that tax shall accrue proportionately on the portion of the proceeds which are not reinvested in the manner stipulated in this subsection ;
(b)
any currency other than Nigerian currency ; and
(c)
any form of property created by the person disposing of it or coming to be owned without being acquired.
(2)
This section shall have effect, notwithstanding that the property is an asset in respect of which qualifying capital expenditure had been incurred under any provision of this Act.