Income Tax (Earnings and Pensions) Act 2003

Determination of market value of shares U.K.

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 [F1 an 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 [F1 an 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, [F1 an 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 [F1 an officer of Revenue and Customs] determination has been given to the employer company, the company may give [F1 an officer of Revenue and Customs] a notice requiring the question of the market value of the shares to be referred to the Commissioners.

(5) Any reference under sub-paragraph (4) must be made—

(a) to the General Commissioners, or

(b) if the applicant so elects (in accordance with section 46(1) of TMA 1970), to the Special Commissioners.

(6) The Commissioners to whom the reference is made must determine it in the same way as an appeal.

Textual Amendments

F1 Words 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)