Valid from 31/07/1998
(1)This section applies in relation to any shares for determining the amount or value of the consideration referred to in section 140A(7)(a).
(2)Subject to the following provisions of this section, that consideration is any given by—
(a)the employee; or
(b)in a case where section 140H(1)(b) applies and the shares were acquired by another person, that other person,
in respect of the acquisition of an interest in the shares.
(3)The amount or value of the consideration given by any person for an interest in the shares shall include—
(a)the amount or value of any consideration given for a right to acquire those shares; and
(b)the amount or value of any consideration given for anything by virtue of which the employee’s interest in the shares ceases to be only conditional.
(4)Where any consideration is given partly in respect of one thing and partly in respect of another, the amount given in respect of the different things shall be determined on a just and reasonable apportionment.
(5)The consideration which for the purposes of this section is taken to be given wholly or partly for anything shall not include the performance of any duties of or in connection with the office or employment by reference to which the interest in the shares in question has been acquired by a person as a director or employee of a company.
(6)No amount shall be counted more than once in the computation of the amount or value of any consideration.
(7)Subsections (1) to (3) of section 136 shall apply for determining for the purposes of subsection (3)(a) above the amount or value of the consideration given for a right to acquire any shares as they apply for determining such an amount for the purposes of section 135.]
Textual Amendments
F1Ss. 140A-140C inserted (with application in accordance with s. 50(4) of the amending Act) by Finance Act 1998 (c. 36), s. 50(1)