- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (15/09/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 06/04/2005
Point in time view as at 15/09/2003.
There are currently no known outstanding effects for the Finance Act 1996, Cross Heading: Issue price etc of securities issued in accordance with qualifying earn-out right.
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Textual Amendments
F1Sch. 13 para. 3A and cross-heading inserted (retrospectively) by Finance Act 2002 (c. 23), s. 104(2)(4)
3A(1)This paragraph applies where a security is issued to a person in accordance with the terms of a qualifying earn-out right.U.K.
(2)In any such case the issue price of the security shall be taken for the purposes of this Schedule to be the sum of—
(a)the market value, immediately before the issue of the security, of the right to be issued with the security in accordance with the terms of the qualifying earn-out right, and
(b)any amount payable for the issue of the security in accordance with those terms,
and any reference in this Schedule to the amount paid by the person in respect of his acquisition of the security shall be taken as a reference to that sum.
(3)For the purposes of this paragraph a “qualifying earn-out right” is so much of any right conferred on a person as—
(a)constitutes the whole or any part of the consideration for the transfer by him of shares in or debentures of a company or for the transfer of the whole or part of a business or interest in a business carried on by him or by him and others in partnership;
(b)consists in either a right to be issued with securities of another company or a right which is capable of being discharged in accordance with its terms by the issue of such securities; and
(c)is such that the value of the consideration mentioned in paragraph (a) above is unascertainable at the time when the right is conferred.]
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