Part 7

Employment income: income and exemptions relating to securities
Chapter 6

... share incentive plans

Charges connected with holding of shares

Charge on cancellation payments in respect of partnership share agreement
504
1
This section applies if an individual who has entered into a partnership share agreement receives any money or money’s worth in respect of the cancellation of the agreement.
2
The amount of the money or the value of the money’s worth counts as employment income of the individual for the relevant tax year.
3
The “relevant tax year” is the tax year in which the individual receives the money or money’s worth.
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Word in Pt. 7 Ch. 6 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 2, 89 (with Sch. 8 paras. 90-96)