- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 17/07/2014
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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[F2 or
(c)something which affects the employment-related securities is done as part of a scheme or arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions.]
(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)
F2S. 446U(1)(c) and word inserted (with effect in accordance with Sch. 2 para. 14(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 2 para. 14
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