Point in time view as at 17/12/2014.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 46 is up to date with all changes known to be in force on or before 06 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.
46(1)This paragraph relates to the operation of section 428 (amount of charge where interest in shares ceases to be only conditional or on disposal) [F1, as originally enacted,] in relation to an acquisition made before 6th April 2003.U.K.
(2)For the purposes of section 428(1) each of the following is a “deductible amount”—
(a)any amounts on which the employee has become chargeable to tax under Schedule E in respect of the acquisition of the employee’s interest; and
(b)any amount on which the employee has become chargeable to tax in respect of the shares under section 78 or 79 of FA 1988 (unapproved employee share schemes) by reference to an event that occurred before 6th April 2003.
Textual Amendments
F1Words in Sch. 7 para. 46(1) inserted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(8)(26)(c); S.I. 2003/1997, art. 2
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