{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-1011",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-1011.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/1011",
  "kind": "section",
  "number": "1011",
  "heading": "Calculation of relief if shares are restricted or convertible",
  "text": "(1) If the shares acquired are restricted shares or convertible shares (or both), the amount of relief to be given is calculated as follows.\nThis is subject to section 1012.\n(2) If the shares are restricted shares, the amount of relief is equal to the amount that, as a result of the acquisition of the shares, is relevant earnings of the employee from the relevant employment.\n(3) If the shares are convertible shares, the amount of relief is equal to the amount that, as a result of the acquisition of the shares, is relevant earnings of the employee from the relevant employment.\nIn calculating the employee's earnings for this purpose the market value of the shares is to be determined as if they were not convertible shares.\n(4) For the purposes of subsections (2) and (3) “relevant earnings” means—\n(a) earnings within Chapter 1 of Part 3 of ITEPA 2003, and\n(b) any amount that is treated as earnings by virtue of section 226A of that Act (employee shareholder shares) ... ,\nexcept that it does not include any amount of exempt income (within the meaning of section 8 of ITEPA 2003).\n(5) If the shares are both restricted and convertible, the total amount of relief is whichever is the greater of the amounts of relief given by subsections (2) and (3) (or, if the amount is the same in each case, that amount).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 1011(2) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 25(2), 38; S.I. 2013/1755, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 1011(3) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 25(2), 38; S.I. 2013/1755, art. 2"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 1011(4) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 25(3), 38; S.I. 2013/1755, art. 2"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 1011(4)(b) omitted (with effect in accordance with s. 12(5)-(7) of the amending Act) by virtue of Finance Act 2017 (c. 10), s. 12(4)(d)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/1011",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}