
Print Options
PrintThe Whole
Act
PrintThe Whole
Part
PrintThe Whole
Chapter
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Section 446I


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 02/12/2019.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 446I 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.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[446IAdjustment of consideration or benefit receivedU.K.
This section has no associated Explanatory Notes
(1)This section applies where any consideration or benefit mentioned in—
(a)section 428(9) (consideration on disposal of restricted securities),
(b)section 441(4), (5) or (9) (consideration for disposal of convertible securities or release of entitlement to convert or benefit received in respect of entitlement to convert),
(c)section 446C(4) (securities with artificially depressed market value: MV to be amount of consideration),
(d)sections 446X and 446Y(3) (consideration for disposal of securities exceeding market value), or
(e)section 448 (securities benefit not otherwise subject to tax),
consists (in whole or in part) in the provision of securities or an interest in securities the market value of which is artificially low.
(2)The market value of any securities or interest in securities is artificially low where it 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 receipt of the consideration or benefit.
(3)The market value of the consideration or benefit consisting in the provision of the securities or interest in securities is for the purposes of the provision or provisions concerned to be taken to be what it would be but for the reduction as a result of the things done as mentioned in subsection (2).]
Back to top