We theoretically investigate the optical functionality of a semiconducting quantum ring manipulated by two electrostatic lateral gates used to induce a double quantum well along the ring. The well parameters and corresponding interlevel spacings, which lie in the THz range, are highly sensitive to the gate voltages. Our analysis shows that selection rules for interlevel dipole transitions, caused by linearly polarized excitations, depend on the polarization vector angle with respect to the gates. In striking difference from the conventional symmetric double well potential, the ring geometry permits polarization-dependent transitions between the ground and second excited states, allowing the use of this structure in a three-level lasing scheme.