- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (16/04/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/09/2003
Point in time view as at 16/04/2003. This version of this provision has been superseded.
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Income Tax (Earnings and Pensions) Act 2003, Section 428 is up to date with all changes known to be in force on or before 27 August 2024. 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.
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(1)The taxable amount for the purposes of section 427 (charge on interest in shares ceasing to be only conditional or on disposal) is—
where—
MV is the market value of the employee’s interest immediately after it ceases to be only conditional or, as the case may be, at the time of the sale or other disposal, and
DA is the total of any deductible amounts.
(2)For the purposes of subsection (1) each of the following is a “deductible amount”—
(a)the amount or value of any consideration given for the employee’s interest;
(b)any amount that constitutes earnings from the employee’s employment under Chapter 1 of Part 3 (earnings) in respect of the acquisition of the employee’s interest;
(c)any amount that is treated as earnings from the employee’s employment under Chapter 8 of Part 3 (taxable benefits: notional loans in respect of acquisitions of shares) in respect of the acquisition; and
(d)if the employee’s interest was acquired by the exercise of a share option, any amount that counts as employment income of the employee under section 476 (charge on employee on exercise etc. of option) in respect of the exercise.
(3)If, not later than the event referred to in section 427(1)(a) or (b) occurred in relation to the employee’s interest, a different event occurred in respect of the shares by virtue of which an amount counts as employment income of the employee under—
(a)section 449 (charge on occurrence of chargeable event), or
(b)section 453 (charge on increase in value of shares of dependent subsidiary),
that amount is a “deductible amount” for the purposes of subsection (1).
(4)The references in subsection (3) to an event include the expiry of a period.
(5)Section 541(2) (effects of the EMI code on other income tax charges) also provides that an amount is to be regarded as a “deductible amount” for the purposes of subsection (1).
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