Point in time view as at 26/05/2015.
Taxation of Chargeable Gains Act 1992, Section 59C is up to date with all changes known to be in force on or before 07 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.
(1)Subsection (2) applies if—
(a)under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the allocated profit”) representing variable remuneration which, if it vests in P, will vest in the form of instruments,
(b)there is a disposal to P of instruments by a company which is a partner in the partnership,
(c)by virtue of that disposal the variable remuneration vests in P, and
(d)the company would, as a partner in the partnership, have been charged to tax on the allocated profit but for adjustments made in the case of the company under section 1264A(2) of CTA 2009 or section 850C(5) of ITTOIA 2005.
(2)Both the company and P are to be treated as if the instruments were acquired by P from the company for a consideration of an amount equal to the allocated profit net of the income tax for which the partnership is liable by virtue of section 863I of ITTOIA 2005 in respect of the allocated profit.
(3)Terms used in this section which are also used in section 863I or 863J of ITTOIA 2005 have the same meaning as in that section.]
Textual Amendments
F1Ss. 59B, 59C inserted (with effect in accordance with Sch. 17 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 17
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