C1Part 7F1Employment income: income and exemptions relating to securities

Annotations:
Amendments (Textual)
F1

Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)

Modifications etc. (not altering text)
C1

Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)

Chapter 6Approved share incentive plans

Tax advantages connected with shares ceasing to be subject to plan

498No charge on shares ceasing to be subject to plan in certain circumstances

1

A participant is not liable to income tax on shares ceasing to be subject to the plan if—

a

they cease to be so subject on the participant ceasing to be in relevant employment, and

b

subsection (2) applies.

2

This subsection applies if the participant ceases to be in relevant employment—

a

because of injury or disability,

b

on being dismissed by reason of redundancy,

c

by reason of F2a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006,

d

if the relevant employment is employment by an associated company (see paragraph 95(2) of Schedule 2), by reason of a change of control or other circumstances ending that company’s status as an associated company,

e

by reason of the participant’s retirement on or after reaching the specified retirement age (see paragraph 98 of Schedule 2), or

f

on the participant’s death.