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Finance Act 2003

Changes over time for: Paragraph 42

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Finance Act 2003, Paragraph 42 is up to date with all changes known to be in force on or before 23 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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42(1)Part 2 of Schedule 1 (index of defined expressions) is amended as follows.U.K.

(2)Omit the entries relating to—

  • “acquisition (in Chapter 8 of Part 3)”,

  • “the acquisition (in Chapter 8 of Part 3)”,

  • “acquisition (in Chapter 9 of Part 3)”,

  • “the acquisition (in Chapter 4 of Part 7)”,

  • “as a director or employee, in relation to the acquisition of an interest in shares (in Chapter 2 of Part 7)”,

  • “as a director or employee, in relation to the acquisition of shares or an interest in shares (in Chapter 3 of Part 7)”,

  • “as a director or employee, in relation to the acquisition of shares or an interest in shares (in Chapter 4 of Part 7)”,

  • “assign, in relation to a share option (in Chapter 5 of Part 7)”,

  • “associated company (in Chapter 4 of Part 7)”,

  • “company (in Chapter 5 of Part 7)”,

  • “the Contributions and Benefits Act (in Chapter 5 of Part 7)”,

  • “convertible, in relation to shares (in Chapter 3 of Part 7)”,

  • “dependent subsidiary (in Chapter 4 of Part 7)”,

  • “director (in Chapter 2 of Part 7)”,

  • “director (in Chapter 3 of Part 7)”,

  • “director (in Chapter 4 of Part 7)”,

  • “director (in Chapter 5 of Part 7)”,

  • “employee (in Chapter 8 of Part 3)”,

  • “employee (in Chapter 9 of Part 3)”,

  • “employee (in Chapter 2 of Part 7)”,

  • “the employee (in Chapter 2 of Part 7)”,

  • “employee (in Chapter 3 of Part 7)”,

  • “the employee (in Chapter 3 of Part 7)”,

  • “employee (in Chapter 4 of Part 7)”,

  • “the employee (in Chapter 4 of Part 7)”,

  • “employee (in Chapter 5 of Part 7)”,

  • “the employee (in Chapter 5 of Part 7)”,

  • “employee-controlled (in relation to a company) (in Chapter 4 of Part 7)”,

  • “the employee’s interest (in Chapter 2 of Part 7)”,

  • “the employer company (in Chapter 2 of Part 7)”,

  • “the employer company (in Chapter 3 of Part 7)”,

  • “the employer company (in Chapter 4 of Part 7)”,

  • “employment-related shares (in Chapter 9 of Part 3)”,

  • “the employment-related shares (in Chapter 8 of Part 3)”,

  • “held by outside shareholders (in Chapter 4 of Part 7)”,

  • “interest in shares (in Chapter 8 of Part 3)”,

  • “interest in shares (in Chapter 9 of Part 3)”,

  • “interest in shares (in Chapter 4 of Part 7)”,

  • “market value (in Chapter 8 of Part 3)”,

  • “market value (in Chapter 9 of Part 3)”,

  • “market value (in Chapter 2 of Part 7)”,

  • “only conditional (interest in shares) (in Chapter 2 of Part 7)”,

  • “payment for the employment-related shares (in Chapter 8 of Part 3)”,

  • “release, in relation to a share option (in Chapter 5 of Part 7)”,

  • “secondary Class 1 contributions (in Chapter 5 of Part 7)”,

  • “share option (in Chapter 5 of Part 7)”,

  • “the share option (in Chapter 5 of Part 7)”,

  • “shares (in Chapter 8 of Part 3)”,

  • “shares (in Chapter 9 of Part 3)”,

  • “shares (in Chapter 2 of Part 7)”,

  • “the shares (in Chapter 2 of Part 7)”,

  • “shares (in Chapter 3 of Part 7)”,

  • “the shares (in Chapter 3 of Part 7)”,

  • “shares (in Chapter 4 of Part 7)”,

  • “the shares (in Chapter 4 of Part 7)”,

  • “shares (in Chapter 5 of Part 7)”,

  • “terms (in Chapter 2 of Part 7)”,

  • “terms (in Chapter 3 of Part 7)”, and

  • “value (in relation to shares) (in Chapter 4 of Part 7)”.

(3)At the appropriate places insert—

“the acquisition (in Chapters 1 to 4 of Part 7)section 421B(8) (see also section 446Q(4))”,
“the acquisition (in Chapter 5 of Part 7)section 471(5)”,
“associated company (in section 421H(1) and Chapters 2 to 4 of Part 7)section 421H(2)”,
“associated person (in Chapters 1 to 4 of Part 7)section 421C”,
“associated person (in Chapter 5 of Part 7)section 472”,
“chargeable event (in Chapter 3B of Part 7)section 446P(5)”,
“the Contributions and Benefits Act (in Chapter 5 of Part 7)section 484(7)”,
“consideration (in Chapters 2 to 5 of Part 7)sections 421(2) and 421A”,
“consideration given for the acquisition of employment-related securities (in Chapters 2 to 3A of Part 7)section 421I”,
“convertible securities (in Chapters 2 to 3A of Part 7)section 436”,
“the employee (in Chapters 1 to 4 of Part 7)section 421B(8)”,
“the employee (in Chapter 5 of Part 7)section 471(5)”,
“employee-controlled (in Chapters 2 to 4 of Part 7)section 421H(1)”,
“the employer (in Chapters 1 to 4 of Part 7)section 421B(8)”,
“the employer (in Chapter 5 of Part 7)section 471(5)”,
“the employment (in Chapters 1 to 4 of Part 7)section 421B(8)”,
“the employment (in Chapter 5 of Part 7)section 471(5)”,
“employment-related securities (in Chapters 1 to 5 of Part 7)section 421B(8) (see also section 484(4))”,
“employment-related securities option (in Chapter 5 of Part 7)section 471(5)”,
“interest, in relation to securities (or shares) (in Chapters 1 to 5 of Part 7)section 420(8)”,
“market value (in Chapters 1 to 5 of Part 7)section 421(1)”,
“non-commercial increase (in Chapter 3B of Part 7)section 446K(4)”,
“non-commercial reduction (in Chapter 3B of Part 7)section 446K(4)”,
“the notional loan (in Chapter 3C of Part 7)section 446S(1)”,
“recognised stock exchangesection 841 of ICTA”,
“relevant period (in Chapter 3B of Part 7)section 446O”,
“restricted securities and restricted interest in securities (in Chapters 2, 3A and 3B of Part 7)sections 423 and 424”,
“restriction (in Chapters 2, 3A and 3B of Part 7)section 432(8)”,
“secondary Class 1 contributions (in Chapter 5 of Part 7)section 484(7)”,
“securities (in Chapters 1 to 5 of Part 7)section 420”,
“securities option (in Chapters 1 to 5 of Part 7)section 420(8)”,
“shares (in Chapters 1 to 5 of Part 7)section 420(8)”,
“valuation date (in Chapter 3B of Part 7)section 446O”, and
“variation, in relation to a restriction (in Chapter 2 of Part 7)section 427(4)”.

(4)So far as relating to—

(a)Chapters 8 and 9 of Part 3 (which are repealed and replaced by provisions inserted in Part 7),

(b)each of the new Chapters substituted or inserted in Part 7, and

(c)each of the Chapters of that Part as originally enacted for which new provisions are substituted,

sub-paragraphs (1) to (3) have effect in accordance with the provision made for the taking effect of the repeal, substitution or insertion.

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