[F1149B Employee incentive schemes: conditional interests in shares.U.K.
(1)Where—
(a)an individual has acquired an interest in any shares or securities which is only conditional,
(b)that interest is one which for the purposes of section 140A of the Taxes Act is taken to have been acquired by him as a director or employee of a company, and
(c)by virtue of section 17(1)(b) the acquisition of that interest would, apart from this section, be an acquisition for a consideration equal to the market value of the interest,
section 17 shall not apply for calculating the consideration.
(2)Instead, the consideration for the acquisition shall be taken (subject to section 120) to be equal to the actual amount or value of the consideration given for that interest as computed in accordance with section 140B of the Taxes Act.
(3)This section shall apply in relation only to the individual making the acquisition and, accordingly, shall be disregarded in calculating the consideration received by the person from whom the interest is acquired.
(4)Expressions used in this section and in section 140A of the Taxes Act have the same meanings in this section as in that section.]
Textual Amendments
F1S. 149B inserted (with effect in accordance with s. 54(6) of the amending Act) by Finance Act 1998 (c. 36), s. 54(5)