{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/schedule-1/paragraph-407",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/schedule-1/paragraph-407.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "schedule/1/paragraph/407",
  "kind": "paragraph",
  "number": "407",
  "heading": null,
  "text": "In section 68(2) (principal charges to tax: employee share ownership trusts)—\n(a) in paragraph (a) for “annual profits or gains whose amount” substitute “ income of an amount that ”, and\n(b) for paragraph (b) and the word “and” at the end of it substitute—\n“(b) that income shall be chargeable to income tax for the year of assessment in which the event occurs,\n(ba) the tax so chargeable shall be charged on the full amount of the income the trustees are treated as receiving in the year of assessment,\n(bb) the trustees are liable for any tax so chargeable, and”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/407",
    "retrieved_at": "2026-10-29T09:16:32.370392+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."
}