Finance Act 2014, Paragraph 37 is up to date with all changes known to be in force on or before 06 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.
37(1)In Chapter 3C of Part 7 (securities acquired for less than market value), section 446U (discharge of notional loan) is amended as follows.U.K.
(2)In subsection (1), omit the “or” at the end of paragraph (a) and for paragraph (b) substitute—
“(b)if there is an outstanding or contingent liability to pay for the employment-related securities, that liability is released, extinguished, transferred or adjusted so as no longer to bind any associated person (except in circumstances in which subsection (4)(aa) applies), or”.
(3)After that subsection insert—
“(1A)Subsection (1)(a) does not apply if, at the time of the acquisition, there was an actual or contingent liability to make one or more further payments equal to the amount initially outstanding for the employment-related securities.”
(4)In subsection (4), omit the “or” at the end of paragraph (a) and after that paragraph insert—
“(aa)the employment-related securities, together with the liability to make such further payment or payments, are disposed of otherwise than to an associated person and for consideration of an amount that reflects the transfer of the liability, or”.
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