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Income Tax (Earnings and Pensions) Act 2003

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This is the original version (as it was originally enacted).

Conditional interests in shares

This section has no associated Explanatory Notes

47(1)This paragraph applies where—

(a)in the tax year 2002-03 a person provided an individual with an interest in shares which was only conditional, and

(b)the circumstances were such that subsequent events might have given rise to a charge under section 140A of ICTA (charge on conditional interest in shares ceasing to be conditional or on disposal) on that individual.

(2)Section 432 (duty to notify provision of conditional interests in shares) applies in relation to the provision subject to the following provisions.

(3)The particulars required by section 432(2) must be provided to the Inland Revenue before 6th May 2003.

(4)However, no particulars of the provision need be provided by a person under section 432 if that person has already given particulars of it under section 140G(1) of ICTA (which made provision corresponding to section 432 for tax years before 2003-04).

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