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Finance Act 2017

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12Employee shareholder shares: amount treated as earningsU.K.

(1)In section 226A of ITEPA 2003 (amount treated as earnings)—

(a)in subsection (2), for “calculated in accordance with subsection (3)” substitute “ equal to the market value of the shares ”;

(b)omit subsection (3);

(c)in subsection (6), omit “and sections 226B to 226D”;

(d)in subsection (7), after “subsection (1)” insert “ (but not subsection (2)) ”.

(2)Omit sections 226B to 226D of ITEPA 2003 (deemed payment).

(3)In consequence of subsection (2), in ITEPA 2003 omit the following—

(a)section 479(3A);

(b)section 531(3A);

(c)section 532(4A).

(4)In consequence of subsection (2), in CTA 2009 omit the following—

(a)in section 1005, the definition of “employee shareholder share”;

(b)section 1009(6);

(c)in section 1010(1), “and, in the case of employee shareholder shares, section 1038B”;

(d)in section 1011(4)(b), “(but see also section 1038B of this Act)“;

(e)in sections 1018(1) and 1019(1), “and, in the case of employee shareholder shares, section 1038B”;

(f)sections 1022(5), 1026(5), 1027(5), 1033(5) and 1034(5);

(g)section 1038B;

(h)sections 1292(6ZA) and 1293(5A);

(i)in Schedule 4, the entry relating to “employee shareholder share”.

(5)The amendments made by this section have effect in relation to shares acquired in consideration of an employee shareholder agreement entered into on or after the relevant day.

(6)The relevant day is 1 December 2016, subject to subsection (7).

(7)Where the individual entering into an employee shareholder agreement receives the advice referred to in section 205A(6)(a) of the Employment Rights Act 1996—

(a)on 23 November 2016, but

(b)before 1.30 pm on that day,

the relevant day is 2 December 2016.

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