Textual Amendments
F1Words in Sch. 7 Pt. 7 heading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(4)
62U.K.The following provisions have effect in relation to rights obtained before 6th April 1998 with the substitution of “seventh anniversary” for “tenth anniversary”—
(a)section 474(1) (no charge in respect of receipt of shorter-term option), and
(b)section 475(1) (value of longer-term option for purposes of liability to tax in respect of receipt).
[F263(1)This paragraph relates to the operation of section 474 (exclusions from Chapter 5 of Part 7: residence) in relation to an acquisition made before 6th April 2003.U.K.
(2)Section 474(1) has effect with the substitution of “ the employee was not chargeable under Case I of Schedule E in respect of the employment ” for the words from “the earnings”.]
Textual Amendments
F2Sch. 7 para. 63 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(21)(26)(d); S.I. 2003/1997, art. 2
64(1)This paragraph relates to the operation of section 478 (amount of charges) in relation to a [F3securities] option [F4acquired] before 6th April 2003.U.K.
(2)For the purposes of section 478(1), any amount charged to tax under Schedule E in respect of the [F5acquisition] of the [F3securities] option is a deductible amount.
Textual Amendments
F3Word in Sch. 7 para. 64 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(22)(a)(26)(d); S.I. 2003/1997, art. 2
F4Word in Sch. 7 para. 64 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(22)(b)(26)(d); S.I. 2003/1997, art. 2
F5Word in Sch. 7 para. 64 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(22)(c)(26)(d); S.I. 2003/1997, art. 2
65(1)This paragraph relates to the operation of section 479 (amount of gain realised by exercising option) in relation to a share option obtained before 6th April 2003.U.K.
(2)For the purposes of section 479(1), if an amount was chargeable to tax under section 185(6) of ICTA (charge where option under approved share option scheme granted at a discount) in respect of the share option, so much of that amount as is attributable to the shares in question is a deductible cost.
66(1)This paragraph relates to the operation of section 480 (amount of gain realised by assigning or releasing option) in relation to a share option obtained before 6th April 2003.U.K.
(2)For the purposes of section 480(1), if an amount was chargeable to tax under section 185(6) of ICTA (charge where option under approved share option scheme granted at a discount) in respect of the share option, so much of that amount as is attributable to the shares in question is a deductible cost.
F667U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Sch. 7 para. 67 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(25), Sch. 43 Pt. 3(4)