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Finance Act 1998, Section 123 is up to date with all changes known to be in force on or before 15 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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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In subsection (3) of that section (interpretation), for “ “a new holding” is" there shall be substituted “ “a section 104 holding” is ”.
(4)For subsection (4) of that section there shall be substituted the following subsection—
“(4)For the purposes of this Chapter securities of a company which are held—
(a)by a person who acquired them as an employee of the company or of any other person, and
(b)on terms which for the time being restrict his right to dispose of them,
shall (notwithstanding that they would otherwise fall to be treated as of the same class) be treated as of a different class from any securities acquired by him otherwise than as an employee of the company or of any other person and also from any shares that are not held subject to restrictions, or the same restrictions, on disposal or in the case of which the restrictions are no longer in force.”
(5)In the following enactments for the words “new holding", wherever they occur, there shall be substituted “ section 104 holding ”, namely—
F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in sections 104(6), 107 and 110 of the M1Taxation of Chargeable Gains Act 1992.
(6)The preceding provisions of this section have effect in relation to any disposal on or after 6th April 1998 of any securities (whenever acquired).
(7)The powers of the Treasury to make provision by regulations under one or [F4more] of—
section 333 of the Taxes Act 1988 [F5(investment plan regulations)],
section 151 of the M2Taxation of Chargeable Gains Act 1992 (capital gains tax and investment plans), [F6and
(c)Chapter 3 of Part 6 of the Income Tax (Trading and Other Income) Act 2005 (income from individual investment plans),]
shall include power to provide, to such extent as appears to them to be appropriate for purposes connected with the enactment of this section and section 124 below, for any provision contained in any such regulations to have effect retrospectively in relation to such times falling on or after 17th March 1998 as may be specified in the regulations.
Textual Amendments
F1S. 123(1) omitted (with effect in accordance with Sch. 2 para. 100 to the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 96(a)
F2S. 123(2) omitted (with effect in accordance with Sch. 2 para. 100 to the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 96(a)
F3S. 123(5)(a) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(i)(i)
F4Word in s. 123(7) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 504(a) (with Sch. 2)
F5Words in s. 123(7)(a) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 504(b) (with Sch. 2)
F6S. 123(7)(c) and preceding word added (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 504(c) (with Sch. 2)
Marginal Citations
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