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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Section 501

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Point in time view as at 01/09/2003.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 501 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

501Charge on capital receipts in respect of plan sharesU.K.
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(1)This section applies if conditions A and B are met.

(2)Condition A is that a capital receipt is received by a participant in respect of, or by reference to, any of the participant’s plan shares.

(3)Condition B is that the plan shares in respect of, or by reference to, which the capital receipt is received are—

(a)free, matching or partnership shares that were awarded to the participant less than 5 years before the participant received the capital receipt, or

(b)dividend shares that were acquired on behalf of the participant less than 3 years before the participant received the capital receipt.

(4)If this section applies, the amount or value of the capital receipt counts as employment income of the participant for the relevant tax year.

(5)The “relevant tax year” is the tax year in which the participant receives the capital receipt.

(6)This section does not apply if the capital receipt is received by the participant’s personal representatives after the death of the participant.

(7)Section 502 explains what is meant by a “capital receipt”.

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