- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (27/09/2010)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 27/09/2010.
Income Tax (Earnings and Pensions) Act 2003, Section 502 is up to date with all changes known to be in force on or before 25 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 for determining whether any money or money’s worth is a “capital receipt” for the purposes of section 501.
(2)The general rule is that any money or money’s worth is a “capital receipt” for the purposes of section 501.
(3)The general rule is subject to the following exceptions.
(4)Money or money’s worth is not a capital receipt for the purposes of section 501 to the extent that—
(a)it constitutes income in the hands of the recipient for the purposes of income tax or would do so but for sections 489 to 498 (SIPs: tax advantages) [F1or section 770 of ITTOIA 2005 (exemption for amounts applied by SIP trustees acquiring dividend shares or retained for reinvestment)],
(b)it consists of the proceeds of disposal of the plan shares mentioned in section 501, or
(c)it consists of new shares within the meaning of paragraph 87 of Schedule 2 (company reconstructions).
(5)If, as a result of a direction given by or on behalf of the participant for the purposes of paragraph 77 of Schedule 2 (power of trustees to raise funds to subscribe for rights issues), the trustees—
(a)dispose of some of the rights under a rights issue, and
(b)use the proceeds of that disposal to exercise other such rights,
the money or money’s worth constituting the proceeds of that disposal is not a capital receipt for the purposes of section 501.
Textual Amendments
F1Words in s. 502(4)(a) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 603 (with Sch. 2)
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