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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 446U

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Version Superseded: 20/07/2005

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Status:

Point in time view as at 01/09/2003. This version of this provision has been superseded. Help about Status

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. Help about Changes to Legislation

[F1446UDischarge of notional loanU.K.

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(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.]

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)

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