C1Part 7F1Employment income: income and exemptions relating to securities
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Chapter 6Approved share incentive plans
Charges connected with holding of shares
503Charge on partnership share money paid over to employee
1
Any amount paid over to an individual under any of the provisions of Schedule 2 mentioned in subsection (2) counts as employment income of the individual for the relevant tax year.
2
The provisions are—
paragraph 46(5) (deductions in excess of permitted maximum amount),
paragraph 50(5)(b) or paragraph 52(6)(b) (surplus partnership share money remaining after acquisition of shares),
paragraph 52(7) (partnership share money paid over on individual ceasing to be in relevant employment),
paragraph 52(8) (partnership share money paid over where accumulation period brought to an end by event specified in plan),
paragraph 55(3) (partnership share money paid over on withdrawal from partnership share agreement), or
paragraph 56 (partnership share money paid over on withdrawal of plan approval or termination of plan).
3
The “relevant tax year” is the tax year in which the amount is paid over.
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)