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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 653 is up to date with all changes known to be in force on or before 27 December 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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653Shares issued or transferred as a result of exercise of deemed optionU.K.
This section has no associated Explanatory Notes
(1)Subsections (2) and (3) apply if—
(a)the option mentioned in section 652(3) is exercised at any time in the accounting period, and
(b)shares are issued or transferred in fulfilment of the obligations under the option (“the relevant disposal”).
(2)Section 144(2) of TCGA 1992 (exercise of options) applies to the relevant disposal as if the carrying value of the option at the time the company became a party to the debtor relationship mentioned in section 652(2) were the consideration for the grant of the option.
(3)So far as it would otherwise apply, section 17(1) of TCGA 1992 (deemed market value consideration) does not apply to the relevant disposal.
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