Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 446Y — Amount treated as income
Amount treated as income 446Y 1 Where this Chapter applies the amount determined under subsection (3) counts as employment income of the employee for the relevant tax year. 2 The “ relevant tax year…
Section 446Z — Definitions
Definitions 446Z 1 In this Chapter “ market value ” has the meaning indicated in section 421(1). 2 For the purposes of this Chapter sections 421(2) and 421A apply for determining the amount of the…
Section 447 — Charge on other chargeable benefits from securities
Charge on other chargeable benefits from securities 447 1 This Chapter applies if an associated person receives a benefit by virtue of the ownership of employment-related securities by that person or…
Section 448 — Amount of charge
Amount of charge 448 The taxable amount for the purposes of section 447 (charge on other chargeable benefits) is the amount or market value of the benefit.
Section 449 — Case outside this Chapter
Case outside this Chapter 449 1 This Chapter does not apply if— a the employment-related securities are shares (or an interest in shares) in a company of a class, b a similar benefit is received by…
Section 450 — Definitions
Definitions 450 1 In this Chapter— “ interest ”, in relation to shares, and “ shares ”, have the meaning indicated in section 420(8). 2 In this Chapter “ market value ” has the meaning indicated in…
Section 468PA — Section 468O(1A): consequences of reasonable but incorrect belief
Section 468O(1A): consequences of reasonable but incorrect belief 468PA Where— a an interest distribution is made to a unit holder by the trustees of an authorised unit trust, b the trustees, in…
Section 468PB — Regulations supplementing sections 468M to 468PA
Regulations supplementing sections 468M to 468PA 468PB 1 The Board may by regulations make provision for giving effect to sections 468M to 468PA. 2 The regulations may, in particular, include…
Section 468M — Cases where no obligation to deduct tax
Cases where no obligation to deduct tax 468M 1 Where an interest distribution is made for a distribution period to a unit holder, any obligation to deduct under section 349(2) does not apply to the…
Section 471 — Options to which this Chapter applies
Options to which this Chapter applies 471 1 This Chapter applies to a securities option acquired by a person where the right or opportunity to acquire the securities option is available by reason of…
Section 472 — Associated persons
Associated persons 472 1 For the purposes of this Chapter the following are “ associated persons ” in relation to an employment-related securities option— a the person who acquired the…
Section 473 — Introduction to taxation of securities options
Introduction to taxation of securities options 473 1 The starting-point is that section 475 contains an exemption from the liability to tax that might otherwise arise under— a Chapter 1 of Part 3…
Section 474 — Cases where this Chapter does not apply
Cases where this Chapter does not apply 474 1 This Chapter (apart from sections 473 and 483) does not apply in relation to an employment-related securities option if, at the time of the acquisition,…
Section 475 — No charge in respect of acquisition of option
No charge in respect of acquisition of option 475 1 No liability to income tax arises in respect of the acquisition of an employment-related securities option. 2 Subsection (1) is subject to section…
Section 476 — Charge on occurrence of chargeable event
Charge on occurrence of chargeable event 476 1 This section applies if a chargeable event occurs in relation to an employment-related securities option. 2 The taxable amount determined under section…
Section 477 — Chargeable events
Chargeable events 477 1 This section applies for the purposes of section 476 (charge on occurrence of chargeable event). 2 Any of the events mentioned in subsection (3) is a “ chargeable event ” in…
Section 478 — Amount of charge
Amount of charge 478 1 The taxable amount for the purposes of section 476 (charge on occurrence of chargeable event) is— AG - DA where— AG is the amount of any gain realised on the occurrence of the…
Section 479 — Amount of gain realised on occurrence of chargeable event
Amount of gain realised on occurrence of chargeable event 479 1 This section applies for the purposes of section 478 (amount of charge on occurrence of chargeable event). 2 The amount of the gain…
Section 480 — Deductible amounts
Deductible amounts 480 1 This section applies for the purposes of section 478 (amount of charge on occurrence of chargeable event). 2 The amount of— a any consideration given for the acquisition of…
Section 481 — Deductible amount in respect of secondary Class 1 contributions met by employee
Deductible amount in respect of secondary Class 1 contributions met by employee 481 1 The amount calculated under subsection (2) is a deductible amount if— a an agreement having effect under…
Section 482 — Deductible amount in respect of special contribution met by employee
Deductible amount in respect of special contribution met by employee 482 1 The amount of the liability referred to in subsection (4) is a deductible amount if conditions A to D are met. 2 Condition A…
Section 483 — Application of this Chapter where option exchanged for another
Application of this Chapter where option exchanged for another 483 1 This section applies if— a the employment-related securities option (the “ old option ”) is assigned or released, and b the whole…
Section 484 — Definitions
Definitions 484 1 In this Chapter— “ securities ”, and “ securities option ”, have the meaning indicated in section 420. 2 In this Chapter “ market value ” has the meaning indicated in section…
Section 570A — Avoidance affecting proceeds of balancing event
Avoidance affecting proceeds of balancing event 570A 1 This section applies where an event occurs in relation to an asset (a “ balancing event ”) as a result of which a balancing allowance would (but…
Section 698 — PAYE: special charges on employment-related securities
PAYE: special charges on employment-related securities 698 1 This section applies where by reason of the operation of— a section 426 (chargeable events in relation to restricted securities and…
Section 700 — PAYE: gains from securities options
PAYE: gains from securities options 700 1 This section applies where by reason of the operation of section 476 (acquisition of securities pursuant to securities option etc) in relation to an…