SCHEDULES

F1F1SCHEDULE 14

Annotations:
Amendments (Textual)
F1

Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)

Part VI Income tax

Saving for other income tax charges

55

1

Nothing in this Part of this Schedule affects—

a

any charge to tax under section 135 of the Taxes Act 1988 (taxation of share options) in respect of the release of rights conferred by a qualifying option;

b

any charge to tax under section 78 or 80 of the M1Finance Act 1988 (charge on removal of restrictions etc. or on special benefits) in respect of shares acquired under a qualifying option; or

c

subject to sub-paragraph (2), any charge to tax under—

i

section 140A of the Taxes Act 1988 (charge on interest in shares ceasing to be only conditional), or

ii

section 140D of that Act (convertible shares),

in respect of shares acquired under a qualifying option.

2

The amount of relief under this Schedule shall be treated as a deductible amount for the purposes of any charge to tax under section 140A or 140D of the Taxes Act 1988 in respect of shares acquired under a qualifying option.

The amount of relief means the difference between the amount on which tax would have been chargeable under section 135 of that Act in respect of the exercise of the option apart from this Schedule and the amount (if any) in fact so chargeable.