Income Tax (Earnings and Pensions) Act 2003
Sections and provisions with full text and the judgments that cite each one.
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 451 — Amount of charge
Amount of charge 451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 452 — Cases outside charge under section 449
Cases outside charge under section 449 452 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 453 — Charge on increase in value of shares of dependent subsidiary
Charge on increase in value of shares of dependent subsidiary 453 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 454 — Chargeable increases
Chargeable increases 454 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 455 — Amount of charge
Amount of charge 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 456 — Cases outside charge under section 453
Cases outside charge under section 453 456 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 457 — Charge on other chargeable benefits from shares
Charge on other chargeable benefits from shares 457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 458 — Chargeable benefits
Chargeable benefits 458 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 459 — Amount of charge
Amount of charge 459 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 460 — Cases outside charge under section 457
Cases outside charge under section 457 460 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 461 — Related acquisitions of additional shares
Related acquisitions of additional shares 461 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 462 — Company reorganisations etc.
Company reorganisations etc. 462 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 463 — Disposals of shares to connected persons etc. ignored
Disposals of shares to connected persons etc. ignored 463 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 464 — Application to interests in shares
Application to interests in shares 464 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 465 — Duty to notify acquisitions of shares or interests in shares
Duty to notify acquisitions of shares or interests in shares 465 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 466 — Duty to notify chargeable events and chargeable benefits
Duty to notify chargeable events and chargeable benefits 466 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 467 — Meaning of “dependent subsidiary”
Meaning of “dependent subsidiary” 467 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 468 — Meaning of “employee-controlled”
Meaning of “employee-controlled” 468 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 469 — Shares “held by outside shareholders”
Shares “held by outside shareholders” 469 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 470 — Minor definitions
Minor definitions 470 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 If a chargeable event occurs in relation to an employment-related securities option, the taxable amount counts as employment income of the employee for…
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 — Relief for secondary Class 1 contributions met by employee
Relief for secondary Class 1 contributions met by employee 481 1 Relief is available under this section against an amount counting as employment income under section 476 if — a an agreement having…
Section 482 — Relief for special contribution met by employee
Relief for special contribution met by employee 482 1 Relief is available under this section against an amount counting as employment income under section 476 if conditions A to D are met. 2…
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 485 — Application of this Chapter where share option exchanged for another
Application of this Chapter where share option exchanged for another 485 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 486 — Duty to notify matters relating to share options
Duty to notify matters relating to share options 486 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 487 — Minor definitions
Minor definitions 487 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 488 — ... Share incentive plans (SIPs)
... Share incentive plans (SIPs) 488 1 This Chapter provides— a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b for exemptions from income tax in connection with shares obtained…
Section 489 — Operation of tax advantages in connection with Schedule 2 SIP
Operation of tax advantages in connection with Schedule 2 SIP 489 1 Sections 490 to 499 apply for income tax purposes in connection with shares awarded under a Schedule 2 SIP. 2 But those sections do…
Section 490 — No charge on award or acquisition of shares: general
No charge on award or acquisition of shares: general 490 1 This section applies— a on the award to an employee of free, matching or partnership shares under the plan, or b on the acquisition on…
Section 491 — No charge on award of shares as taxable benefit
No charge on award of shares as taxable benefit 491 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 492 — No charge on partnership share money deducted from salary
No charge on partnership share money deducted from salary 492 1 An employee is not liable to income tax under Part 2 on any amount of the employee’s salary which is deducted as partnership share…
Section 493 — No charge on acquisition of dividend shares
No charge on acquisition of dividend shares 493 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Section 1105(3)…
Section 494 — No charge on removal of restrictions applying to shares
No charge on removal of restrictions applying to shares 494 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 495 — No charge on increase in value of shares of dependent subsidiary
No charge on increase in value of shares of dependent subsidiary 495 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 496 — No charge on cash dividend retained for reinvestment
No charge on cash dividend retained for reinvestment 496 For the exemption from income tax of amounts retained under paragraph 68(2) of Schedule 2 (amount of cash dividend not reinvested), see…
Section 497 — Limitations on charges on shares ceasing to be subject to plan
Limitations on charges on shares ceasing to be subject to plan 497 1 No liability to income tax arises on free or matching shares ceasing to be subject to the plan, except as provided by— a section…
Section 498 — No charge on shares ceasing to be subject to plan in certain circumstances
No charge on shares ceasing to be subject to plan in certain circumstances 498 1 A participant is not liable to income tax on shares ceasing to be subject to the plan if— a they cease to be so…
Section 499 — No charge in respect of incidental expenditure
No charge in respect of incidental expenditure 499 An employee is not liable to income tax in respect of incidental expenditure of— a the trustees, b the company which established the plan, or c (if…