The Income Tax (Employments) (Notional Payments) (Amendment) Regulations 1998

Amendments to the principal Regulations

4.  In regulation 3(1)—

(a) in paragraph (1) for the words “subsection (2) of section 203F”(2) there shall be substituted “section 203F, including the purposes of that section as it has effect in accordance with section 203FA(1) and section 203FB(2), (3)(b), (4) and (5),”(3);

(b) in paragraph (3) after sub-paragraph (e) there shall be added—

“(f) references in paragraph (2) above to shares, or a right over or interest in shares, include references to shares, or a right over or interest in shares, whose value has been enhanced as mentioned in section 203FA.”

(1)

Regulation 3 was amended by S.I. 1996/2969.

(2)

Section 203F was amended by section 65 of the Finance Act 1998.

(3)

Sections 203FA and 203FB were inserted by sections 66(1) and 67(1) of the Finance Act 1998.