21 Research institution spin-out companies: pre-2nd December 2004 cases
Finance Act 2005 (2005 c 7) | Legislation

21  Research institution spin-out companies: pre-2nd December 2004 cases

(1)     Subsections (2) to (7) have effect where—

(a)     Chapter 4A of Part 7 of ITEPA 2003 (as inserted by section 20) would apply but for subsection (5) of that section (commencement), and

(b)     an election is made under this subsection by the employee and the employer no later than 15th October 2005.

(2)     Section 452(1) and (2)(a), (c) and (d) and section 453(1) of ITEPA 2003 apply.

(3)     But when the chargeable event occurs in relation to the shares (or interest in shares), the taxable amount counts as employment income of the employee for the tax year in which the chargeable event occurs.

(4)     The chargeable event occurs in relation to the shares (or interest in shares) on the earlier of—

(a)     the day on which there is a disposal for consideration of the shares, or any interest in them, by an associated person otherwise than to another associated

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