Part 2 Capital Gains Tax Exemption for Employee Shareholder Shares
Finance Act 2013 (2013 c 29) | Legislation

Part 2 Capital Gains Tax Exemption for Employee Shareholder Shares

17

TCGA 1992 is amended as follows.

18

In section 58(2) (spouses and civil partners: disposals excepted from the usual rule)—

(a)     omit “or†at the end of paragraph (a), and

(b)     after paragraph (b) insert

“, or

(c)     if the disposal is of exempt employee shareholder shares (see sections 236B to 236D),â€.

19

(1)     Section 149AA (restricted and convertible employment-related securities) is amended as follows.

(2)     In subsection (1) for “Where†substitute “Subject to subsection (1A), whereâ€.

(3)     After that subsection insert—

“(1A)     Where an individual has acquired an asset consisting of shares which, on acquisition, became employee shareholder shares—

(a)     the consideration for the acquisition is (subject to section 119A) to be taken to be equal to any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 (earnings) or section 226A of that Act (employee shareholder shares), and

(b)     no other consideration is to be treated as having been given for the acquisition of the shares.â€

(4)     In subsection (2)—

(a)     for “Subsection (1) above applies†substitute “Subsections (1) and (1A) applyâ€, and

(b)     for “is†substitute “areâ€.

(5)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Pension commencement lump sums (PCLSs)

Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension commencement lump sum’ (PCLS). Taking a lump sum is usually at the option of the member who will

LEXISNEXIS

Liquidated damages in construction contracts

Liquidated damages in construction contractsThis Practice Note explains what liquidated and ascertained damages (LADs/LDs) are and their purpose in a building contract. It considers the difference between liquidated damages and general (or unliquidated) damages and looks at the enforceability of

LEXISNEXIS

The British Franchise Association (BFA)

The British Franchise Association (BFA)This Practice Note examines the role and remit of the British Franchise Association (the BFA) in the franchise industry in the UK. It looks at the legislative and regulatory framework in the franchise industry, the membership criteria of the BFA, the BFA’s Code

LEXISNEXIS

Interim injunctions—the American Cyanamid guidelines

Interim injunctions—the American Cyanamid guidelinesThis Practice Note is concerned with substantive interim injunctions, which are a particular species of injunction granted on a temporary basis ahead of trial. As set out below, there are different considerations depending on whether the interim