C1Part 7F1Employment income: income and exemptions relating to securities
Annotations:
Amendments (Textual)
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
PAYE
512Disposal of beneficial interest by participant
1
This section applies if—
a
a participant (“P”) disposes of P’s beneficial interest in any of P’s plan shares to the trustees, and
b
the trustees are, as a result of paragraph 6 of Schedule 7D to TCGA 1992 (deemed disposal by trustees on disposal of beneficial interest), treated as having disposed of the shares in question.
2
If this section applies, sections 510 and 511 apply as if the consideration payable by the trustees to the participant on the disposal had been received by the trustees as the proceeds of disposal of plan shares.
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)