Section 446Q — Finance Act 2003: Application of this Chapter

Application of this Chapter 446Q 1 This Chapter applies if—

a no payment is made for employment-related securities at or before the time of the acquisition, or b the payment made for employment-related securities at or before that time is less than their market value.

2 For the purposes of subsection (1) any obligation to make a payment or further payment after the time of the acquisition is to be disregarded.

3 Where the employment-related securities are, or are an interest in, securities which are not fully paid up, the reference in subsection (1) to the market value of the employment-related securities is to what it would be if the securities were fully paid up.

4 If section 425(2) (no charge on acquisition of certain restricted securities or restricted interests in securities) applies in relation to the employment-related securities, this Chapter has effect as if the employment-related securities were not acquired until the occurrence of the first event which is a chargeable event for the purposes of section 426 in relation to the employment-related securities.

5 This section is subject to section 446R (case outside this Chapter).