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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Determination of market value of shares is up to date with all changes known to be in force on or before 28 August 2024. 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.
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56(1)This paragraph applies to the determination of the market value of shares for the purposes of the EMI code.U.K.
(2)Unless—
(a)it is agreed between the employer company and [F1an officer of Revenue and Customs], or
(b)a reference is made under sub-paragraph (4),
the market value of shares is to be determined by [F1an officer of Revenue and Customs].
(3)Where the market value of shares on any date needs to be determined for the purposes of the EMI code, [F1an officer of Revenue and Customs] and the employer company may agree that it is to be determined by reference to a date or dates, or to the average of the values on a number of dates, stated in the agreement.
(4)At any time before notice of [F1an officer of Revenue and Customs] determination has been given to the employer company, [F2the company may apply to the tribunal for the question of the market value of the shares to be determined].
F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(6)Any such application is to be subject to the relevant provisions of Part 5 of TMA 1970 (see, in particular, section 48(2)(b) of that Act).]
Textual Amendments
F1Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(1); S.I. 2005/1126, art. 2(2)(h)
F2Words in Sch. 5 para. 56(4) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 355(2)
F3Sch. 5 para. 56(5) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 355(3)
F4Sch. 5 para. 56(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 355(4)
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