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

Charges connected with holding of shares

504Charge on cancellation payments in respect of partnership share agreement

1

This section applies if an individual who has entered into a partnership share agreement receives any money or money’s worth in respect of the cancellation of the agreement.

2

The amount of the money or the value of the money’s worth counts as employment income of the individual for the relevant tax year.

3

The “relevant tax year” is the tax year in which the individual receives the money or money’s worth.