- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (07/05/2004)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 22/07/2004
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Income Tax (Earnings and Pensions) Act 2003, Section 446R is up to date with all changes known to be in force on or before 25 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)This Chapter does not apply if—
(a)the employment-related securities are shares (or an interest in shares) in a company of a class,
(b)all the company’s shares of the class are acquired either for no payment or for a payment less than their market value,
[F2(ba)subsection (1A) is satisfied,] and
(c)subsection (3) or (4) is satisfied.
[F3(1A)This subsection is satisfied if the avoidance of tax or national insurance contributions was not the main purpose, or one of the main purposes, of the arrangements under which the right or opportunity to acquire the employment-related securities was made available.]
(2)Where the company’s shares of the class are not fully paid up, the reference in subsection (1) to their market value is to what it would be if they were fully paid up.
(3)This subsection is satisfied if, at the time of the acquisition of the employment-related securities, the company is employee-controlled by virtue of holdings of shares of the class.
(4)This subsection is satisfied if, at that time, the majority of the company’s shares of the class are not [F4employment-related securities.]
(5)For the purposes of subsection (4) a person is related to an employee if—
(a)the person acquired the shares pursuant to a right or opportunity available by reason of the employee’s employment, or
(b)the person is connected with a person who so acquired the shares or with the employee and acquired the shares otherwise than by or under a disposal made by way of a bargain at arm’s length from the employee or another person who is related to the employee.]
Textual Amendments
F1Pt. 7 Ch. 3C inserted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 7(1)
F2S. 446R(1)(ba) inserted (retrospective to 7.5.2004) by Finance Act 2004 (c. 12), ss. 86(2)(c)(3)(8), 86(1)
F3S. 446R(1A) inserted (retrospective to 7.5.2004) by Finance Act 2004 (c. 12), ss. 86(2)(c)(4)(8), 86(1)
F4Words in s. 446R(4) substituted (retrospective to 7.5.2004) by Finance Act 2004 (c. 12), ss. 86(2)(c)(5)(8), 86(1)
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