- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This Part contains special rules relating to directors or employees who acquire—
(a)shares in companies, or
(b)options relating to such shares,
in connection with their office or employment.
(2)The rules are contained in—
Chapter 2 (conditional interests in shares),
Chapter 3 (convertible shares),
Chapter 4 (post-acquisition benefits from shares),
Chapter 5 (share options),
Chapter 6 (approved share incentive plans),
Chapter 7 (approved SAYE option schemes),
Chapter 8 (approved CSOP schemes),
Chapter 9 (enterprise management incentives), and
Chapter 10 (priority share allocations).
(3)The following make provision for amounts to count as employment income of directors or employees—
Chapters 2 to 6, and
Chapter 8.
(4)The following make provision for exemptions and reliefs from income tax—
Chapter 2, and
Chapters 5 to 10.
(5)Chapter 11 contains supplementary provisions relating to employee benefit trusts.
(1)The following provisions of this Act also deal with share-related income and exemptions—
Chapter 8 of Part 3 (taxable benefits: notional loans in respect of acquisitions of shares),
Chapter 9 of Part 3 (taxable benefits: disposals of shares for more than market value), and
Part 7 of Schedule 7 (transitional provisions relating to share-related income).
(2)In addition, share-related income may fall within—
(a)Chapter 1 of Part 3 (earnings), or
(b)Chapter 10 of Part 3 (taxable benefits: residual liability to charge).
(3)In view of section 49 of FA 2000 (phasing out of APS schemes) the following are not rewritten in this Act and continue in force unaffected by the repeals made by this Act—
section 186 of ICTA (APS schemes) and section 187 of that Act (interpretation) so far as relating to APS schemes,
Schedule 9 to ICTA (approval of share schemes) so far as relating to APS schemes and Schedule 10 to that Act (further provisions about APS schemes).
“APS schemes” means profit sharing schemes approved under Schedule 9 to ICTA.
(4)Sections 138 to 140 of ICTA (share acquisitions by directors and employees) continue to apply in relation to shares or interests in shares acquired before 26th October 1987 (see paragraph 57 of Schedule 7).
(1)The following contain duties to supply information about the acquisition of shares or interests in shares by directors or employees—
section 432 (provision of conditional interest in shares),
section 465 (general duty to notify acquisition of shares or interests in shares by employees or directors).
(2)The following contain duties to supply information about other matters that may result in amounts counting as employment income of directors or employees—
section 433 (events resulting in charge under section 427),
section 445 (conversion of shares),
section 466 (chargeable events and receipt of chargeable benefits).
(3)Section 486 contains a duty to provide information about the grant of share options and other matters relating to them.
(4)Paragraph 52 of Schedule 5 (enterprise management incentives) contains a duty to deliver annual returns where a company’s shares are subject to a qualifying option within the meaning of that Schedule.
(1)This section applies if the result given by any formula under any provision of this Part would otherwise be a negative amount.
(2)The result is to be taken to be nil instead.
(1)As indicated in section 417, this Part contains provisions relating to directors as well as employees.
(2)But section 5(1) (application of employment income Parts to office-holders generally) does not apply to any of the provisions of this Part.
(3)This is subject to section 549(5) (application of Chapter 11 of this Part).
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: