Income Tax (Trading and Other Income) Act 2005 (c. 5)

SCHEDULES

Valid from 06/04/2005

SCHEDULE 1 U.K. Consequential amendments

Part 2 U.K. Other enactments

Income Tax (Earnings and Pensions) Act 2003 (c. 1) U.K.

598 U.K. In section 476 (charge on occurrence of chargeable event) for subsection (5) substitute—

“(5) If the employee has been divested of the employment-related securities option by operation of law—

(a) income tax is charged on the amount determined under section 478, and

(b) the person liable for any tax so charged is the relevant person in relation to the chargeable event (see section 477(7)).”