SCHEDULES
SCHEDULE 22Employee securities and options
Consequential amendments
46
1
Schedule 7 (transitionals and savings) is amended as follows.
2
Omit paragraphs 30 and 31.
3
In the heading of Part 6, for “share-related” substitute “
related to securities
”
.
4
In the heading of Part 7, for “share-related income” substitute “
income related to securities
”
.
5
Before paragraph 44 insert—
Pre-6th April 2003 acquisitions
43A
1
This paragraph relates to the operation of section 421E (exclusions from Chapters 2 to 4 of Part 7: residence) in relation to an acquisition made before 6th April 2003.
2
Section 421E(1) has effect with the substitution of
“ the employee was not chargeable under Case I of Schedule E in respect of the employment ”for the words from “the earnings”.3
Section 421E(2) has effect with the substitution of
“ the emoluments of the employment did not fall to be charged to income tax under Schedule E ”for the words from “the earnings”.
6
In paragraph 44, after “Part 7” insert “
, as originally enacted,
”
.
7
In paragraph 45(1), at end insert “
, as originally enacted.
”
.
8
In paragraph 46(1), after “disposal)” insert “
, as originally enacted,
”
.
9
Omit paragraphs 47 and 48.
10
In paragraph 49, for “shares” substitute “
securities
”
.
11
Omit paragraphs 50 to 52.
12
Omit paragraph 53.
13
In paragraph 54, after “Part 7” insert “
, both as originally enacted and as substituted by the Finance Act 2003,
”
.
14
In paragraph 55—
a
after “Part 7” insert “
, as originally enacted,
”
, and
b
omit sub-paragraph (2)(a).
15
In paragraph 56, after “section 449” insert “
, as originally enacted,
”
.
16
In paragraph 58(1), at end insert “
, as originally enacted.
”
17
Omit paragraph 59.
18
Omit paragraphs 60 and 61.
19
After paragraph 61 insert—
Securities disposed of for more than market value
61A
Chapter 3D of Part 7 does not apply in relation to securities, or an interest in securities, acquired on or before 6th April 1976.
20
Omit paragraph 62.
21
For paragraph 63 substitute—
63
1
This paragraph relates to the operation of section 474 (exclusions from Chapter 5 of Part 7: residence) in relation to an acquisition made before 6th April 2003.
2
Section 474(1) has effect with the substitution of
“ the employee was not chargeable under Case I of Schedule E in respect of the employment ”for the words from “the earnings”.
22
In paragraph 64—
a
for “share”
(in both places) substitute “
securities
”
,
b
for “obtained” substitute “
acquired
”
, and
c
for “receipt” substitute “
acquisition
”
.
23
In paragraph 65—
a
in sub-paragraph (1), for “479 (amount of gain realised by exercising option) in relation to a share option obtained” substitute “
478 in relation to an event that is a chargeable event by virtue of section 477(3)(a) or (b)
(acquisition of securities pursuant to an option and assignment and release of option) in the case of a share option acquired
”
, and
b
in sub-paragraph (2), for “479(1)” substitute “
478(1)
”
and for “cost” substitute “
amount
”
.
24
Omit paragraph 66.
25
Omit paragraph 67.
26
In this paragraph—
a
sub-paragraphs (2) and (19) have effect in relation to securities, and interests in securities, disposed of on or after 16th April 2003,
b
sub-paragraphs (5) and (13) to (17) have effect on and after 16th April 2003,
c
sub-paragraphs (6) to (8), (10), (11), (20), (23) and (24) have effect on the day appointed under paragraph 3(2), and
d
sub-paragraphs (21) and (22) have effect in accordance with the provision made for the substitution of Chapter 5 of Part 7.