Section 408 Reduction in tax due in cases within section 407

United Kingdom

(1)

This section applies if—

(a)

a person is liable for tax as a result of section 407, and

(b)

any tax is paid on any capital receipts under section 501 of ITEPA 2003 (charge on capital receipts in respect of plan shares) in respect of the shares that cease to be subject to the F1Schedule 2 share incentive plan.

(2)

The tax due as a result of section 407 is to be reduced by an amount equal to the total tax so paid.

F2(2A)

In subsection (2) “the tax due” means the amount of tax due as a result of section 407 F3....

(3)

For rules identifying shares ceasing to be subject to F4Schedule 2 share incentive plans, see section 508 of ITEPA 2003.

Annotations

Textual amendments

F1: Words in s. 408(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 64, 89 (with Sch. 8 paras. 90-96)
F2: S. 408(2A) inserted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 21
F3: Words in s. 408(2A) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 16
F4: Words in s. 408(3) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 64, 89 (with Sch. 8 paras. 90-96)

Notes on Shares in Schedule 2 share incentive plans (“SIPs”)

Textual amendments

F1: Words in s. 405 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 61, 89 (with Sch. 8 paras. 90-96)