Search Legislation

Income Tax (Earnings and Pensions) Act 2003

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As enacted)
 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 446B

 Help about opening options

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Section 446B is up to date with all changes known to be in force on or before 27 February 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. Help about Changes to Legislation

[F1446BCharge on acquisitionU.K.
This section has no associated Explanatory Notes

(1)This section applies where the market value of employment-related securities at the time of the acquisition has been reduced by at least 10% as a result of things done otherwise than for genuine commercial purposes within the period of 7 years ending with the acquisition.

(2)The taxable amount determined under section 446C counts as employment income of the employee for the tax year in which the acquisition occurs.

(3)But this section does not apply if section 425(2) (no charge on acquisition of certain restricted securities or restricted interests in securities) applies in relation to the employment-related securities.

(4)This section does not affect any liability to income tax arising in respect of the acquisition of the employment-related securities under—

(a)Chapter 1 of Part 3 (earnings),

(b)Chapter 10 of Part 3 (taxable benefits: residual liability to charge),

[F2(ba)section 226A (employee shareholder shares: amount treated as earnings),]

(c)Chapter 3 of this Part (acquisition by conversion),

(d)Chapter 3C of this Part (acquisition for less than market value), F3...

(e)Chapter 5 of this Part (acquisition pursuant to securities option) [F4, or

(f)Chapter 2 of Part 7A (employment income provided through third parties)]]

Textual Amendments

F1Pt. 7 Ch. 3A inserted (16.4.2003 with effect in accordance with Sch. 22 para. 5(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 5(1)

F2S. 446B(4)(ba) inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 8, 38; S.I. 2013/1755, art. 2

F3Word in s. 446B(4) omitted (with effect in accordance with Sch. 2 paras. 52-59 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 2 para. 19(a)

F4S. 446B(4)(f) and word inserted (with effect in accordance with Sch. 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 19(b)

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?