Section 1026 Relief available on occurrence of chargeable event

United Kingdom

(1)

This section applies in relation to relief available as a result of the occurrence of a chargeable event.

(2)

The relief is given for the accounting period in which the chargeable event occurs.

(3)

The amount of relief is equal to the amount that counts as employment income of the employee under section 426 of ITEPA 2003 in relation to the chargeable event.

(4)

For the purposes of subsection (3) the following are to be ignored—

(a)

any relief under section 428A of ITEPA 2003,

(b)

section 446E(6) of ITEPA 2003, and

(c)

the amount of any non-commercial increase (as defined in section 446K(4) of ITEPA 2003) in the market value of the restricted shares after their acquisition.

F1(5)

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Annotations

Textual amendments

F1: S. 1026(5) 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)(f)

Notes on Part 12

Modifications

C1: Pt. 12 applied by 2010 c. 8, s. 425(5) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))