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Finance Act 2003
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Finance Act 2003, Paragraph 52 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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52(1)After section 149A insert—U.K.
“149AARestricted and convertible employment-related securities
(1)Where an individual has acquired an asset consisting of employment-related securities which are—
(a)restricted securities or a restricted interest in securities, or
(b)convertible securities or an interest in convertible securities,
the consideration for the acquisition shall (subject to section 119A) be taken to be equal to the aggregate of the actual amount or value given for the employment-related securities and any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 (earnings) in respect of the acquisition.
(2)Subsection (1) above applies only to the individual making the acquisition and, accordingly, is to be disregarded in calculating the consideration received by the person from whom the employment-related securities are acquired.
(3)This section has effect in relation to acquisitions on or after the day appointed under paragraph 3(2) of Schedule 22 to the Finance Act 2003.
(4)In this section “employment-related securities” has the same meaning as in Chapters 1 to 4 of Part 7 of ITEPA 2003 (as substituted by Schedule 22 to the Finance Act 2003).
(5)In this section—
“restricted interest in securities”, and
“restricted securities”,
have the same meaning as in Chapter 2 of that Part of ITEPA 2003 (as so substituted).
(6)In this section “convertible securities” has the same meaning as in Chapter 3 of that Part of ITEPA 2003 (as so substituted).”.
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