- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
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(1)This Chapter applies if—
(a)relief (“the original relief”) is available under Chapter 2 or 3 in relation to an acquisition of restricted shares, and
(b)after the acquisition—
(i)an event that is a chargeable event in relation to the restricted shares for the purposes of section 426 of ITEPA 2003 occurs, or
(ii)Chapter 2 of Part 7 of ITEPA 2003 ceases to apply to the restricted shares because the employee dies (see section 421B(4) and (6) of that Act).
For the purposes of paragraph (a) it does not matter if the amount of relief is calculated as nil.
(2)Relief under this Chapter is available to the employing company.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)If—
(a)the original relief is available as a result of section 1015(3) (death of recipient), and
(b)the recipient is not the employee,
this Chapter applies as if the recipient were alive and the restricted shares were acquired by the recipient.
(7)If the original relief is available as a result of section 1022 (takeover of company whose shares are subject to an option), this Chapter applies as if the restricted shares were acquired pursuant to the qualifying option mentioned in that section.
(8)To find out what accounting period the relief is given for and how to calculate the amount of relief, see—
(a)section 1026 for relief available as a result of the occurrence of a chargeable event, and
(b)section 1027 for relief available as a result of the employee's death.
Those sections are supplemented by section 1028.
(9)Section 1029 provides for the relief to be given to a successor company if the qualifying business is transferred by group transfers.
Textual Amendments
F1S. 1025(3)-(5) omitted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 32, 47
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