EIM45480 - Employment income provided through third parties: exclusions: earmarking for employee share and share option schemes: meaning of 'relevant shares'
Section 554I(4) ITEPA 2003
This page defines 바카라 사이트˜relevant shares바카라 사이트™.
바카라 사이트˜Relevant shares바카라 사이트™ is a technical term in Part 7A ITEPA 2003.
In sections 554J to 554M and 554Z7, 바카라 사이트˜relevant shares바카라 사이트™ means:
- shares (including stock) in B,
- instruments issued by B which are securities for the purposes of Part 7 Chapters 1 to 5 ITEPA 2003 within section 420(1)(b) ITEPA 2003 see ERSM20140, or
- units in a collective investment scheme (as defined in section 420(2) ITEPA 2003) managed by B which are securities for the purposes of Part 7 Chapters 1 to 5 ITEPA 2003 within section 420(1)(e) see ERSM20170.
Securities within section 420(1)(b) ITEPA 2003 are, broadly speaking, debt instruments.
Groups
If B is a member of a group of companies, 바카라 사이트˜B바카라 사이트™ in that definition includes any other company which is a member of that group.
To decide whether B is a member of a group, you apply the rules for corporation tax on chargeable gains (see CG45100 onwards) with one modification.
The chargeable gains test is a 75% test. For the purposes of section 554I(4), you change 바카라 사이트˜75%바카라 사이트™ to 바카라 사이트˜51%바카라 사이트™ throughout.
바카라 사이트˜Relevant shares바카라 사이트™ and 바카라 사이트˜securities바카라 사이트™
Section 420 ITEPA 2003 gives 바카라 사이트˜securities바카라 사이트™ a wide definition for the purposes of Part 7 Chapters1 to 5 ITEPA 2003. Section 554I(4) gives 바카라 사이트˜relevant shares바카라 사이트™ a narrower definition. Therefore, 바카라 사이트˜securities바카라 사이트™ within section 420 will not necessarily be 바카라 사이트˜relevant shares바카라 사이트™ within section 554I(4).