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Changes over time for: Section 446U


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 20/07/2005
Status:
Point in time view as at 01/09/2003. This version of this provision has been superseded.

Status
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Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 446U 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.

Changes to Legislation
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[446UDischarge of notional loanU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)The notional loan is treated as discharged when—
(a)the employment-related securities are disposed of otherwise than to an associated person, or
(b)if the employment-related securities were securities, or an interest in securities, not fully paid up at the time of the acquisition, the outstanding or contingent liability to pay for them is released, transferred or adjusted so as no longer to bind any associated person.
(2)If the notional loan is discharged as the result of an event specified in subsection (1), the amount of the notional loan outstanding immediately before the occurrence of the event counts as employment income of the employee for the relevant tax year (whether or not the employment has terminated before or since the acquisition).
(3)The “relevant tax year” is the tax year in which the notional loan is treated as discharged.
(4)The notional loan is also treated as discharged when—
(a)payments or further payments for the employment-related securities equal to the amount initially outstanding in relation to them have been made by an associated person, or
(b)the employee dies.]
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