87 Restricted securities with artificially depressed value
Finance Act 2004 (2004 c 12) | Legislation

87  Restricted securities with artificially depressed value

(1)     Section 446E of the Income Tax (Earnings and Pensions) Act 2003 (c 1) (employee securities with artificially depressed market value: charge on restricted securities) is amended as follows.

(2)     In subsection (1), after “on restricted securities),” insert—

“(aa)     immediately before the employment-related securities are disposed of (in circumstances which do not constitute such an event) or are cancelled without being disposed of,” .

(3)     For subsections (3) to (6) substitute—

“(3)     “The relevant period” is the period beginning—

(a)     if section 425(2) (no charge on acquisition of certain restricted securities or restricted interests in securities) applied in relation to the employment-related securities, 7 years before the acquisition, and

(b)     in

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