C1Part 12Other relief for employee share acquisitions
Chapter 4Additional relief in cases involving restricted shares
1027Relief available on death of employee
1
This section applies in relation to relief available as a result of the employee's death.
2
The relief is given for the accounting period in which the employee dies.
3
The amount of relief is equal to the amount that would have counted as employment income of the employee under section 426 of ITEPA 2003 had a chargeable event within section 427(3)(c) of that Act occurred immediately before Chapter 2 of Part 7 of that Act ceased to apply to the restricted shares because of the employee's death.
4
For the purposes of subsection (3)—
a
the amount of expenses resulting from section 428(6) of ITEPA 2003 is to be treated as nil, and
b
the following are to be ignored—
i
sections 428(9) and 446E(6) of ITEPA 2003, and
ii
the amount of any non-commercial increase (as defined in section 446K(4) of ITEPA 2003) in the market value of the restricted shares after their acquisition.
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Pt. 12 applied by 2010 c. 8, s. 425(5) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))