- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 16/04/2003
Point in time view as at 06/04/2003. This version of this provision has been superseded.
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Income Tax (Earnings and Pensions) Act 2003, Section 477 is up to date with all changes known to be in force on or before 12 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 section applies if a person other than the employee realises a gain by exercising, assigning or releasing the share option and any of the following is the case—
(a)the option was granted to that other person, or
(b)the other person acquired the share option otherwise than by or under an assignment made by way of a bargain at arm’s length, or
(c)the employee and the other person are connected persons at the time when the gain is realised.
(2)The taxable amount determined under section 478 counts as employment income of the employee for the relevant tax year.
(3)The “relevant tax year” is the tax year in which the option is exercised, assigned or released.
(4)This section does not apply if the share option is exercised, assigned or released after the death of the person to whom it was granted by—
(a)that person’s personal representatives, or
(b)the person on whom the option devolved under a testamentary disposition or on an intestacy or partial intestacy, whether beneficially or as trustee.
(5)This section does not apply by virtue of subsection (1)(b) or (c) if the employee was divested of the share option by operation of law.
(6)In that case the person who realises the gain is chargeable to tax under Case VI of Schedule D on an amount equal to the amount of the gain in a case within subsection (1)(b) or (c) (see section 479 or 480).
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