Version Superseded: 01/09/2003
Point in time view as at 13/06/2003. This version of this provision has been superseded.
Income Tax (Earnings and Pensions) Act 2003, Section 440 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.
(1)Section 438 (charge on conversion of shares) does not apply if—
(a)the conversion is a conversion of shares of one class only (“the original class”) into shares of one other class only (“the new class”), and
(b)all shares of the original class are converted into shares of the new class, and
(c)condition A or B is met.
(2)Condition A is that immediately before the conversion the majority of the company’s shares of the original class are not held by or for the benefit of—
(a)directors or employees of the company,
(b)an associated company of the company, or
(c)directors or employees of such an associated company.
(3)Condition B is that immediately before the conversion the company is employee-controlled by virtue of holdings of shares of the original class.
(4)A company is “employee-controlled” by virtue of holdings of shares of a class if—
(a)the majority of the company’s shares of that class (other than any held by or for the benefit of an associated company) are held by or for the benefit of employees or directors of the company or a company controlled by the company, and
(b)those directors and employees are together able as holders of the shares to control the company.
(5)In this section “associated company” has the meaning given by section 416 of ICTA.
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