Corporation Tax Act 2009

992Award of shares to excluded employeeU.K.
This section has no associated Explanatory Notes

(1)This section applies if—

(a)a deduction is made under section 989 or 991, and

(b)a number of the acquired shares are awarded under the plan to an excluded employee.

(2)An employee is excluded if, at the time the shares are awarded to the employee, the earnings from the relevant employment are not (or would not be if there were any) general earnings—

(a)to which section 15 of ITEPA 2003 applies, or

(b)to which a section listed in section 20(1) of ITEPA 2003 applies.

(3)The relevant employment” means the employment because of which the shares are awarded to the employee.

(4)The paying company is treated as receiving an amount equal to the relevant proportion of the deduction.

(5)The relevant proportion is the proportion that the number of shares awarded to the excluded employee bears to the total number of the acquired shares.

(6)The amount is treated as received when the shares are awarded to the excluded employee.