Income Tax (Earnings and Pensions) Act 2003

Conditional interests in shares U.K.

44 U.K. Chapter 2 of Part 7 [F1 , as originally enacted,] does not apply in relation to interests acquired before 17th March 1998.

Textual Amendments

F1 Words in Sch. 7 para. 44 inserted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(6)(26)(c); S.I. 2003/1997, art. 2

45 (1) This paragraph relates to the operation of section 425 (cases where Chapter 2 of Part 7 does not apply) [F2 , as originally enacted.] U.K.

(2) Section 425(1) applies in relation to any acquisition made before 6th April 2003 with the substitution of “if the person was not chargeable under Case I of Schedule E in respect of the office or employment in question” for the words from “if the earnings” onwards.

Textual Amendments

F2 Words in Sch. 7 para. 45(1) inserted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(7)(26)(c); S.I. 2003/1997, art. 2

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of section 428 (amount of charge where interest in shares ceases to be only conditional or on disposal) [F3 , as originally enacted,] in relation to an acquisition made before 6th April 2003.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

F3 Words 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

F4 47 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4 Sch. 7 para. 47 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(9), Sch. 43 Pt. 3(4)

F5 48 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 Sch. 7 para. 48 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(9), Sch. 43 Pt. 3(4)