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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Section 507 is up to date with all changes known to be in force on or before 04 November 2024. 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.
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507Charge on disposal of beneficial interest during holding periodU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)free or matching shares cease to be subject to the plan at any time during the holding period for those shares, and
(b)this occurs as a result of the participant assigning, charging or otherwise disposing of the participant’s beneficial interest in the shares in breach of obligations under paragraph 36(1)(b) of Schedule 2 (restrictions relating to disposals within holding period).
(2)The market value of the shares at the date when they cease to be subject to the plan counts as employment income of the participant for the relevant tax year.
(3)The “relevant tax year” is the tax year in which that date falls.
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