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Textual Amendments
F1Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Modifications etc. (not altering text)
C1Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Textual Amendments
F2Word in Pt. 7 Ch. 6 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 2, 89 (with Sch. 8 paras. 90-96)
(1)This section applies—
(a)on the award to an employee of free, matching or partnership shares under the plan, or
(b)on the acquisition on behalf of an employee of dividend shares under the plan.
(2)The employee is not liable to income tax on the value of the beneficial interest in the shares that passes to the employee at the time of the award or acquisition.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3S. 491 repealed (with effect in accordance with Sch. 22 para. 26(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 26(1), Sch. 43 Pt. 3(4)
(1)An employee is not liable to income tax under Part 2 on any amount of the employee’s salary which is deducted as partnership share money under a partnership share agreement.
F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F4S. 492(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)
F5(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)[F6Section 1105(3) of CTA 2010] (information relating to distributions to be provided by nominee) does not apply to any amount applied by the trustees in acquiring dividend shares on behalf of a participant.
[F7(3A)For the exemption of such amounts from income tax, see section 770 of ITTOIA 2005 (amounts applied by SIP trustees acquiring dividend shares or retained for reinvestment).]
F8(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)Subsection (3) is subject to paragraph 80(4)(c) of Schedule 2 (information required where dividend shares cease to be subject to plan).
Textual Amendments
F5S. 493(1)(2) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 600(2), Sch. 3 (with Sch. 2)
F6Words in s. 493(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 391 (with Sch. 2)
F7S. 493(3A) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 600(3) (with Sch. 2)
F8S. 493(4) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 600(2), Sch. 3 (with Sch. 2)