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Finance Act 1988
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Changes over time for: Cross Heading: Preliminary
Version Superseded: 06/04/2003
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- 01/02/1991- Amendment
- 31/07/1998- Amendment
- 24/02/2003
Point in time - 06/04/2003- Amendment
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PreliminaryU.K.
77 Scope of Chapter.U.K.
(1)[F1Subject to [F2section 140A of the Taxes Act 1988 and] subsections (2) to (4) below], this Chapter shall apply where, on or after 26th October 1987, a person acquires shares or an interest in shares in a company in pursuance of a right conferred on him or an opportunity offered to him by reason of his office as a director of, or his employment by, that or any other company.
(2)This Chapter shall not apply in relation to an acquisition by a person who is not chargeable to tax under Case I of Schedule E in respect of the office or employment in question.
(3)This Chapter shall not apply where the acquisition is made in pursuance of an offer to the public.
[F3(4)Where, in a case falling within subsection (1ZA) of section 68 above, subsection (1) of that section—
(a)applies or applied in relation to such a benefit as is there mentioned, or
(b)would so apply or have applied, had there been any such benefit,
any acquisition made on or after 16th January 1991 in pursuance of any of the offers which, in that case, fall to be regarded by virtue of subsection (1ZB) of that section as together constituting a single offer of shares to the public for the purposes of subsection (1) of that section shall be regarded for the purposes of subsection (3) above as an acquisition made in pursuance of an offer to the public.]
Textual Amendments
F1Words in s. 77(1) substituted (retrospective to 16.1.1991) by Finance Act 1991 (c. 31, SIF 63:1), s. 44(9) (with s. 44(10))
F2Words in s. 77(1) inserted (with application in accordance with s. 50(4) of the amending Act) by Finance Act 1998 (c. 36), s. 50(2)
F3S. 77(4) added (retrospective to 16.1.1991) by Finance Act 1991 (c. 31, SIF 63:1), s. 44(9) (with s. 44(10))
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