120 Increase in expenditure by reference to tax charged in relation to shares, etc
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

120  Increase in expenditure by reference to tax charged in relation to shares, etc

[(1)     Subsection (1A) applies where—

(a)     a person (“the employee”) has acquired shares or an interest in shares as mentioned in section 447(1) of ITEPA 2003, and

(b)     an amount counts as employment income of the employee under Chapter 4 of Part 7 of that Act in respect of the shares.

(1A)     On the first disposal of the shares after the acquisition occurs, the employment income amount shall be treated for the purposes of section 38(1)(a) as consideration given by the person making the disposal for the acquisition of the shares.

(1B)     For the purposes of subsections (1) and (1A)—

(a)     the “employment income amount” means the amount counting as employment income of the employee under that Chapter in respect of the shares, and

(b)     it is immaterial whether the disposal of the shares mentioned in subsection (1A) is made by the employee or another person.]

(2)     Section 38(1)(a) applies as if the relevant amount as defined in the following provisions of this section in the cases there specified had formed part of the consideration

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