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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Section 537 is up to date with all changes known to be in force on or before 26 February 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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537Alterations of share capital for purposes of section 536U.K.
This section has no associated Explanatory Notes
(1)This section has effect for the purposes of section 536(1)(b) and (c) (other disqualifying events: alterations of share capital of relevant company).
(2)This subsection applies to an alteration of the share capital of the relevant company if—
(a)the alteration affects (or but for the occurrence of some other event would affect) the value of the shares to which the option relates; and
(b)it consists of or includes—
(i)the creation, variation or removal of a right relating to any shares in the relevant company,
(ii)the imposition of a restriction relating to any such shares, or
(iii)the variation or removal of a restriction to which any such shares are subject.
(3)This subsection applies to an alteration of the share capital of the relevant company if the effect of the alteration is to increase the market value of the shares to which the option relates and either—
(a)it is not made by the relevant company for commercial reasons, or
(b)the main purpose (or one of the main purposes) for making it is to increase the market value of those shares.
(4)In this section any reference to—
(a)a restriction relating to shares or to which shares are subject, or
(b)a right relating to shares,
is a reference to such a restriction imposed or right conferred by any contract or arrangement or in any other way.
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