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Changes over time for: Cross Heading: Cases involving employment-related securities


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 16/11/2017.
Changes to legislation:
There are currently no known outstanding effects for the Finance (No. 2) Act 2017, Cross Heading: Cases involving employment-related securities.

Changes to Legislation
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Cases involving employment-related securitiesU.K.
31U.K.Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1 which is treated as being taken by a person (“P”) if—
(a)P is treated as taking a relevant step by that paragraph by reason of the payment of a sum of money by way of a loan (the “relevant loan”),
(b)the relevant loan is made and used solely for the purpose of enabling A to exercise an employment-related securities option (within the meaning of Chapter 5 of Part 7 of ITEPA 2003),
(c)the exercise of the option by A gives rise to employment income of A in respect of A's employment with B—
(i)which is chargeable to income tax or would be chargeable apart from Chapter 5B of Part 2 of ITEPA 2003, or
(ii)which is exempt income, and
(d)there is no connection (direct or indirect) between the relevant step and a tax avoidance arrangement.
32U.K.In section 554N of ITEPA 2003 (exclusions: other cases involving employment-related securities etc.), at the end insert—
“(17)See paragraph 31 of Schedule 11 to F(No. 2)A 2017 for provision about exclusions where a loan is made for the purpose of enabling the exercise of an employment-related securities option and the relevant step is within paragraph 1 of that Schedule.”
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