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Changes over time for: Section 532


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Version Superseded: 01/09/2013
Status:
Point in time view as at 17/07/2013. This version of this provision has been superseded.

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Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 532 is up to date with all changes known to be in force on or before 06 March 2025. 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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532Modified tax consequences following disqualifying eventsU.K.
This section has no associated Explanatory Notes
(1)This section applies where—
(a)a disqualifying event (see section 533) occurs in relation to a qualifying option before the option is exercised, and
(b)the option is exercised later than [90] days after the day on which the event occurred.
(2)If the option is within section 530(1) (option to acquire shares at market value), the section 476 gain is—
(see subsection (4)).
(3)If the option is within section 531(1) (option to acquire shares at less than market value), the section 476 gain is—
(see subsection (4)).
(4)For the purposes of subsections (2) and (3)—
ACO is the amount or value of the consideration given for the grant of the option,
ACS is the amount, if any, for which the shares are acquired,
CMV is the chargeable market value (as defined by section 531(3)), and
PEG is the post-event gain, that is the amount (if any) by which the market value of the shares at the time when the option is exercised exceeds their market value immediately before the disqualifying event.
(5)In those subsections “the section 476 gain” means the amount [under section 478 (amount of charge under section 476) is to be regarded as the taxable amount for the purposes of section 476 in respect of the acquisition of the shares pursuant to the option.]
(6)Nothing in the following provisions—
(a)subsections (2) and (3) above, or
(b)sections 530 and 531,
applies if the amount that counts as employment income by virtue of section 476 in respect of the exercise of the option would, in the absence of those provisions, be less than the amount that counts as such income as a result of those provisions.
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