Finance Act 2011, Paragraph 18 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
18U.K.After section 441(9) (convertible employment-related securities: amount of gain realised) insert—
“(10)Subsection (11) applies for the purposes of subsection (2) or (3) if—
(a)prior to the acquisition, the employment-related securities were the subject of a relevant step within the meaning of Part 7A by reason of which Chapter 2 of that Part applied in respect of the employment, and
(b)the amount mentioned in subsection (11)(a) is higher than the amount mentioned in subsection (11)(b).
(11)The amount of the gain realised is reduced (but not below nil) by the amount equal to—
(a)the amount that counted as employment income of the employee in respect of the employment under Chapter 2 of Part 7A, less
(b)the market value of the employment-related securities when the relevant step was taken determined as if they were not convertible securities or an interest in convertible securities.”
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
