Paragraph 46

United Kingdom

(1)

This paragraph relates to the operation of section 428 (amount of charge where interest in shares ceases to be only conditional or on disposal) F1, as originally enacted, in relation to an acquisition made before 6th April 2003.

(2)

For the purposes of section 428(1) each of the following is a “deductible amount”—

(a)

any amounts on which the employee has become chargeable to tax under Schedule E in respect of the acquisition of the employee’s interest; and

(b)

any amount on which the employee has become chargeable to tax in respect of the shares under section 78 or 79 of FA 1988 (unapproved employee share schemes) by reference to an event that occurred before 6th April 2003.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 46(1) inserted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(8)(26)(c); S.I. 2003/1997, art. 2

Notes on Part 7

Textual amendments

F1: Words in Sch. 7 Pt. 7 heading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(4)