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Income Tax (Earnings and Pensions) Act 2003
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494No charge on removal of restrictions applying to shares
This section has no associated Explanatory Notes
(1)Subsection (2) applies where a participant’s plan shares are subject to a provision for forfeiture in accordance with paragraph 32(1) of Schedule 2 (permitted restrictions: provision for forfeiture).
(2)The participant is not liable to income tax by virtue of—
(a)section 427 (charge on interest in shares ceasing to be only conditional or on disposal), or
(b)section 449 (charge on removal of restriction applying to shares),
when the provision for forfeiture is varied or removed.
(3)A participant is also not liable to income tax by virtue of section 449 if the event which, under section 450, is a chargeable event for the purposes of that section is the ending of the holding period in relation to free, matching or dividend shares held by the participant.
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