Part 2 Restricted Securities and Securities Acquired for Less Than Market Value: Replacement and Additional Securities and Rollover Relief etc
Finance Act 2014 (2014 c 26) | Legislation

Part 2 Restricted Securities and Securities Acquired for Less Than Market Value: Replacement and Additional Securities and Rollover Relief etc

34

ITEPA 2003 is amended as follows.

35

(1)     In Chapter 1 of Part 7 (income and exemptions relating to securities: general), section 421D (replacement and additional securities and changes in interests) is amended as follows.

(2)     In subsection (3), insert at the end “and for the purposes of Chapter 3C as a payment made for their acquisition at or before the time of the acquisitionâ€.

(3)     In subsection (4), insert at the end “or a payment was made for their acquisition at or before the time of the acquisitionâ€.

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In Chapter 2 of Part 7 (restricted securities), before section 431 (election for full or partial disapplication of Chapter 2) but after the heading before that section (supplementary) insert—

“430A Application of this Chapter where securities exchanged for further securities

(1)     This section applies if—

(a)     an associated person disposes of the employment-related securities (“the old securitiesâ€) for consideration, otherwise than to another associated person,

(b)     the whole or part of the consideration consists of, or includes, other securities which are restricted securities (“the new securitiesâ€)

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