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Legislation
Income Tax (Earnings and Pensions) Act 2003

Crossheading Exemption where offer made to both public and employees

  • Section 542 Exemption: offer made to public and employees
  • Section 543 Discount not covered by exemption in section 542
  1. Exemption where offer made to both public and employees
  2. Discount not covered by exemption in section 542

Section 543 | Discount not covered by exemption in section 542

From legislation.gov.uk

(1)This section applies if the total of—

(a)the price payable by the director or employee for the shares of the company allocated to the director or employee under the offer, and

(b)the amount or value of any registrant discount made to the director or employee in respect of the shares,

is less than the fixed price or the lowest price successfully tendered.

(2)Section 542(2) (exemption: offer made to public and employees) does not apply to the benefit (if any) represented by the difference.

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