Income Tax (Earnings and Pensions) Act 2003 (c. 1)

Part 7 U.K. [F1 Employment income: income and exemptions relating to securities]

Textual Amendments

F1 Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)

Modifications etc. (not altering text)

C1 Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)

Chapter 6 U.K. F2 ... share incentive plans

Textual Amendments

F2 Word in Pt. 7 Ch. 6 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 2, 89 (with Sch. 8 paras. 90-96)

Scope of tax charges U.K.

500 Operation of tax charges in connection with [F3 Schedule 2] SIP U.K.

(1) Sections 501 to 508 apply for income tax purposes in connection with shares awarded under [F4 a Schedule 2] SIP.

(2) But those sections do not apply to an individual if, at the time of the award of shares in question, the earnings from the eligible employment are not (or would not be if there were any) general earnings to which any of the charging provisions of Chapter 4 or 5 of Part 2 apply.

(3) “The eligible employment” means the employment which results in the individual meeting the employment requirement in relation to the plan.

Textual Amendments

F3 Words in s. 500 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 6(2), 89 (with Sch. 8 paras. 90-96)

F4 Words in s. 500(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 6(3), 89 (with Sch. 8 paras. 90-96)