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 6F2... share incentive plans

Annotations:
Amendments (Textual)
F2

Word in Pt. 7 Ch. 6 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 2, 89 (with Sch. 8 paras. 90-96)

Charges connected with shares ceasing to be subject to plan

507Charge on disposal of beneficial interest during holding period

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.