Paragraph 82
United Kingdom
Where free or matching shares cease to be subject to the plan by virtue of a participant, in breach of his obligations under paragraph 31(1)(b), assigning, charging or otherwise disposing of his beneficial interest in those shares—
paragraph 81 does not apply, and
the participant is chargeable to income tax under Schedule E on the market value of the shares when they cease to be subject to the plan.
Where the participant is charged to tax under sub-paragraph (1) the tax due shall be reduced by the amount or aggregate amount of any tax paid on any capital receipts within paragraph 79 in respect of those shares.
Annotations
Textual amendments
- F1
Sch. 8 para. 82(2) repealed (retrospectively) by 2001 c. 9, ss. 61, 110, Sch. 13 para. 5(1), Sch. 33 Pt. 2(2)
Notes on Schedule 8
Textual amendments
- F1
Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)