Part 7

Employment income: income and exemptions relating to securities
Chapter 10

Priority share allocations

Exemption where offer made to both public and employees

Discount not covered by exemption in section 542
543
1
This section applies if the total of—
a
the price payable by the director or employee for the shares of the company allocated to the director or employee under the offer, and
b
the amount or value of any registrant discount made to the director or employee in respect of the shares,
is less than the fixed price or the lowest price successfully tendered.
2
Section 542(2) (exemption: offer made to public and employees) does not apply to the benefit (if any) represented by the difference.
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)