Income Tax (Earnings and Pensions) Act 2003 (c. 1)

SCHEDULES

SCHEDULE 7 U.K. Transitionals and savings

Part 7 U.K. Employment income: [F1 income related to securities]

Textual Amendments

F1 Words in Sch. 7 Pt. 7 heading substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(4)

Share options U.K.

F2 62 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Sch. 7 para. 62 repealed (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(20)(26)(c), Sch. 43 Pt. 3(4); S.I. 2003/1997, art. 2

[F3 63 (1) This paragraph relates to the operation of section 474 (exclusions from Chapter 5 of Part 7: residence) in relation to an acquisition made before 6th April 2003. U.K.

(2) Section 474(1) has effect with the substitution of “ the employee was not chargeable under Case I of Schedule E in respect of the employment ” for the words from “the earnings”.]

Textual Amendments

F3 Sch. 7 para. 63 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(21)(26)(d); S.I. 2003/1997, art. 2

64 (1) This paragraph relates to the operation of section 478 (amount of charges) in relation to a [F4 securities] option [F5 acquired] before 6th April 2003. U.K.

(2) For the purposes of section 478(1), any amount charged to tax under Schedule E in respect of the [F6 acquisition] of the [F4 securities] option is a deductible amount.

Textual Amendments

F4 Word in Sch. 7 para. 64 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(22)(a)(26)(d); S.I. 2003/1997, art. 2

F5 Word in Sch. 7 para. 64 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(22)(b)(26)(d); S.I. 2003/1997, art. 2

F6 Word in Sch. 7 para. 64 substituted (16.4.2003 for specified purposes, otherwise 1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(22)(c)(26)(d); S.I. 2003/1997, art. 2

65 (1) This paragraph relates to the operation of section [F7 478 in relation to an event that is a chargeable event by virtue of section 477(3)(a) or (b) (acquisition of securities pursuant to an option and assignment and release of option) in the case of a share option acquired] before 6th April 2003. U.K.

(2) For the purposes of section [F8 478(1)], if an amount was chargeable to tax under section 185(6) of ICTA (charge where option under approved share option scheme granted at a discount) in respect of the share option, so much of that amount as is attributable to the shares in question is a deductible [F8 amount].

Textual Amendments

F7 Words in Sch. 7 para. 65(1) substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(23)(a)(26)(c); S.I. 2003/1997, art. 2

F8 Word in Sch. 7 para. 65(2) substituted (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(23)(b)(26)(c); S.I. 2003/1997, art. 2

F9 66 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Sch. 7 para. 66 repealed (1.9.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(24)(26)(c), Sch. 43 Pt. 3(4); S.I. 2003/1997, art. 2

F10 67 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10 Sch. 7 para. 67 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 46(25), Sch. 43 Pt. 3(4)