C1C2C3C4C5C6C7C8C9C10C11C12C13C14C15Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C7

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C9

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C11

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C12

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C13

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C14

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1

C15

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)

C9Chapter 4Registered pension schemes: tax reliefs and exemptions

Members' contributions

I1195C9Transfer of certain shares to be treated as payment of contribution

1

For the purposes of sections 188 to 194 (relief for contributions) references to contributions paid by an individual include contributions made in the form of the transfer by the individual of eligible shares in a company within the permitted period.

2

For the purposes of those sections the amount of a contribution made by way of a transfer of shares is the market value of the shares at the date of the transfer.

3

“Eligible shares”, in relation to a contribution made by an individual, means shares—

a

which the individual has exercised a right to acquire in accordance with the provisions of an SAYE option scheme, or

b

which have been appropriated to the individual in accordance with the provisions of a share incentive plan.

4

“The permitted period”—

a

in relation to shares which the individual has exercised a right to acquire in accordance with the provisions of an SAYE option scheme, is the period of 90 days following the exercise of that right, and

b

in relation to shares which have been appropriated to the individual in accordance with the provisions of a share incentive plan, is the period of 90 days following the date when the individual directed the trustees of the share incentive plan to transfer the ownership of the shares to the individual.

5

In this section—

  • “SAYE option scheme” has the same meaning as in the SAYE code (see section 516 of ITEPA 2003 (F2... SAYE option schemes)), and

  • “share incentive plan” has the same meaning as in the SIP code (see section 488 of ITEPA 2003 (F1... share incentive plans)).