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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 446F

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Point in time view as at 13/06/2003.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 446F 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. Help about Changes to Legislation

[F1446FAdjustment of market value: conditional interestsU.K.
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(1)This section applies where the market value of an employee’s interest in shares which is only conditional is artificially low immediately after a chargeable event relating to the shares under section 427 as originally enacted.

(2)The market value of the shares is artificially low where it has been reduced by at least 10% as a result of things done otherwise than for genuine commercial purposes within the period beginning—

(a)7 years before the chargeable event, or

(b)with 16th April 2003,

whichever is later.

(3)There is a chargeable event in relation to shares if section 427 (as originally enacted) applies in relation to them.

(4)The reference in the definition of MV in section 428(1) (as originally enacted) to the market value of the employee’s interest is to what would be the market value but for the reduction as a result of the things done as mentioned in subsection (2).

(5)Expressions used in this section and in Chapter 2 of this Part as originally enacted have the same meaning in this section as in that Chapter.]

Textual Amendments

F1Pt. 7 Ch. 3A inserted (16.4.2003 with effect in accordance with Sch. 22 para. 5(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 5(1)

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