Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Post-acquisition benefits from shares is up to date with all changes known to be in force on or before 09 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.
54U.K.Chapter 4 of Part 7[F1, both as originally enacted and as substituted by [F2FA] 2003,] does not apply in relation to shares or an interest in shares acquired before 26th October 1987, except to the extent provided by paragraph 55 (read with paragraph 56).
Textual Amendments
F1Words in Sch. 7 para. 54 inserted (16.4.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(13)(26)(b)
F2Word in Sch. 7 para. 54 substituted (21.7.2009) by Finance Act 2009 (c. 10), s. 126(5)(b)
55(1)Chapter 4 of Part 7 [F3, as originally enacted,] applies in relation to shares or an interest in shares acquired before 26th October 1987 if the company was not a dependent subsidiary on that date.U.K.
(2)But it so applies—
F4(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)subject to paragraph 56.
Textual Amendments
F3Words in Sch. 7 para. 55 inserted (16.4.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(14)(a)(26)(b)
F4Sch. 7 para. 55(2)(a) repealed (16.4.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(14)(b)(26)(b), Sch. 43 Pt. 3(4)
56U.K.The removal or variation of a restriction applying to shares or an interest in shares acquired before 26th October 1987 is not a chargeable event for the purposes of section 449 [F5, as originally enacted,] if paragraph 7 of Schedule 8 to FA 1973 (requirement for disposal to nominees at price not exceeding market value on termination of employment) would have applied to it.
Textual Amendments
F5Words in Sch. 7 para. 56 inserted (16.4.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(15)(26)(b)
F657U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Sch. 7 para. 57 omitted (with effect in accordance with s. 50(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 50(2)(b)
58(1)This paragraph relates to the operation of section 448 (cases where Chapter 4 of Part 7 does not apply) [F7, as originally enacted].U.K.
(2)Section 448(1) applies in relation to any acquisition made before 6th April 2003 with the substitution of “if the person was not chargeable under Case I of Schedule E in respect of the office or employment in question” for the words “if the earnings” onwards.
(3)Section 448(3) and (4) do not apply in relation to any acquisition made before 16th January 1991.
Textual Amendments
F7Words in Sch. 7 para. 58(1) inserted (16.4.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(16)(26)(b)
F859U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F8Sch. 7 para. 59 repealed (16.4.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(17)(26)(b), Sch. 43 Pt. 3(4)
F960U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F9Sch. 7 para. 60 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(18), Sch. 43 Pt. 3(4)
F1061U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F10Sch. 7 para. 61 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(18), Sch. 43 Pt. 3(4)
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