# Income Tax (Earnings and Pensions) Act 2003, Paragraph 46

Extent: E+W+S+N.I.

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operation of section 428 (amount of charge where interest in shares ceases to be only conditional or on disposal) , as originally enacted, in relation to an acquisition made before 6th April 2003.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

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Source: https://www.legislation.gov.uk/ukpga/2003/1/schedule/7/paragraph/46 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-7/paragraph-46
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.