Section 1027 — Corporation Tax Act 2009: Relief available on death of employee

Relief available on death of employee 1027 1 This section applies in relation to relief available as a result of the employee's death.

2 The relief is given for the accounting period in which the employee dies.

3 The amount of relief is equal to the amount that would have counted as employment income of the employee under section 426 of ITEPA 2003 had a chargeable event within section 427(3)(c) of that Act occurred immediately before Chapter 2 of Part 7 of that Act ceased to apply to the restricted shares because of the employee's death.

4 For the purposes of subsection (3)—

a the amount of expenses resulting from section 428(6) of ITEPA 2003 is to be treated as nil, and b the following are to be ignored—

i sections 428(9) and 446E(6) of ITEPA 2003, and ii the amount of any non-commercial increase (as defined in section 446K(4) of ITEPA 2003) in the market value of the restricted shares after their acquisition. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .