[446E Charge on restricted securities]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[Other tax charges]

[446E  Charge on restricted securities]

[(1)     This section applies where the market value of employment-related securities which are restricted securities or a restricted interest in securities is artificially low—

(a)     immediately after an event which is a chargeable event in relation to the employment-related securities for the purposes of section 426 (charge on restricted securities),

[(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,] or

(b)     on 5th April in any year.

(2)     The market value of the employment-related securities is artificially low where it has been reduced

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