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Income Tax (Earnings and Pensions) Act 2003, Section 546 is up to date with all changes known to be in force on or before 26 August 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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(1)This section applies for the purposes of sections 542(5) and 544(5) (condition that entitlements to allocation of priority shares must be on similar terms).
(2)The fact that different provision is made for persons according to—
(a)the levels of their remuneration,
(b)the length of their service, or
(c)similar factors,
does not mean that they are not entitled to an allocation on similar terms.
(3)The fact that the allocations of shares in a company to which non-company employees are entitled are smaller than those to which company employees are entitled does not mean that they are not entitled on similar terms, if conditions A and B are met.
(4)Condition A is that each non-company employee is also entitled by reason of the office or employment and in priority to members of the public, to an allocation of shares in another company or companies which are offered to the public at a fixed price or by tender at the same time as the shares in the company.
(5)Condition B is that in the case of each non-company employee the aggregate value of all the shares included in the allocations to which the non-company employee is entitled is the same, or as nearly the same as is reasonably practicable, as that of the shares in the company included in the entitlement of a comparable company employee.
(6)For the purposes of subsection (5), the value of shares is to be measured by reference to the fixed price or the lowest price successfully tendered.
(7)In this section—
“company employee”, in relation to a company, means a director or employee of the company, and
“non-company employee”, in relation to a company, means a director or employee of another company or person.
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