88 Shares under approved plans and schemes
Finance Act 2004 (2004 c 12) | Legislation

88  Shares under approved plans and schemes

(1)     The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

(2)     Omit section 421G (exclusion from Chapters 2 to 4 of Part 7 of shares awarded or acquired under approved plan or scheme).

(3)     In Chapter 2 of Part 7 (restricted securities), after section 431 insert—

“431A Shares under approved plan or scheme

(1)     Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if they are shares, or an interest in shares, to which this subsection applies.

(2)     Subsection (1) applies to—

(a)     shares awarded or acquired under an approved share incentive plan (within the meaning of Chapter 6 of this Part) in circumstances in which (in accordance with section 490) no liability to income tax arises,

(b)     shares acquired by the exercise of a share option granted under an approved SAYE option scheme (within the meaning of Chapter 7 of this Part) in circumstances in which (in accordance

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have not been living at the same address in the UK since 2017 but are in a genuine relationship. What effect will this have on their extension application?Immigration Rules, Part 8, para 319C sets out

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

Financial Conduct Authority—Principles for Businesses (PRIN)

Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and