- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (16/04/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 16/04/2003.
Income Tax (Earnings and Pensions) Act 2003, Section 542 is up to date with all changes known to be in force on or before 27 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)there is a genuine offer to the public of shares in a company at a fixed price or by tender,
(b)a director or employee of the company, or of another company or person, is entitled by reason of the office or employment to an allocation of the shares in priority to members of the public, and
(c)conditions A to C are met.
(2)No liability to income tax in respect of earnings arises by virtue of any benefit derived by the director or employee from the entitlement.
(3)Condition A is that the aggregate number of shares subject to the offer that may be allocated as mentioned in subsection (1)(b) (“priority shares”) does not exceed—
(a)if the offer is part of arrangements which include one or more other offers to the public of shares of the same class, either of the limits in subsection (4), or
(b)in any other case, 10% of the shares subject to the offer (including the priority shares).
(4)The limits referred to in subsection (3)(a) are—
(a)40% of the shares subject to the offer (including the priority shares), and
(b)10% of all the shares of the class in question that are subject to any of the offers forming part of the arrangements (including the priority shares).
(5)Condition B is that all the persons entitled to an allocation of priority shares are entitled to it on similar terms (see section 546).
(6)Condition C is that those persons are not restricted wholly or mainly to directors or to those whose remuneration exceeds a particular level.
(7)This section has effect subject to section 543 (discount not covered by exemption in this section).
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