Point in time view as at 17/12/2014.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Taxable benefits: notional loans in respect of acquisitions of shares 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.
28U.K.Chapter 8 of Part 3 does not apply in relation to acquisitions on or before 6th April 1976.
29(1)This paragraph relates to the operation of Chapter 8 of Part 3 in relation to an acquisition made before 6th April 2003.U.K.
(2)If—
(a)the acquisition gave rise to a notional loan under section 162(1) of ICTA, and
(b)the notional loan has not terminated under section 162(4) of ICTA before 6th April 2003,
the condition in section 193(1) (notional loan where acquisition for less than market value) is taken to be met and section 193(3) and (4) apply accordingly.
(3)In such a case, the amount initially outstanding of the notional loan for the purposes of Chapter 8 of Part 3 is taken to be the amount initially outstanding calculated under section 162 of ICTA in relation to the tax year 2002-03.
(4)In such a case, section 195(3)(c) (discharge of notional loan: amount treated as earnings) applies, in relation to times before 6th April 2003, with the substitution of “an employment to which Chapter 2 of Part 5 of ICTA applies” for “not an excluded employment”.
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