
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThe Whole
Part
PrintThis
Cross Heading
only
Status:
Point in time view as at 10/07/2003.
Changes to legislation:
Finance Act 2003, Cross Heading: Income tax position of the employee in case of shares subject to forfeiture is up to date with all changes known to be in force on or before 27 February 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.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Income tax position of the employee in case of shares subject to forfeitureU.K.
20(1)Where the recipient acquires shares that are subject to forfeiture, this paragraph applies in place of paragraph 7 or 14 (income tax position of the employee).U.K.
(2)It must be the case that the employee—
(a)is subject to a charge to income tax under the Income Tax (Earnings and Pensions) Act 2003 (c. 1) by virtue of section 427 of that Act—
(i)on the shares ceasing to be subject to forfeiture, or
(ii)on the recipient disposing of the shares, or dying, without the shares having ceased to be subject to forfeiture, or
(b)would be subject to such a charge if the conditions in sub-paragraph (3) were met.
(3)The conditions mentioned in sub-paragraph (2)(b) are—
(a)that the employee was resident and ordinarily resident in the United Kingdom at all material times, and
(b)that the duties of the employment by reason of which the award was made or the option was granted were performed in the United Kingdom at all material times.
Yn ôl i’r brig