(1) With effect from 1 January 2011, there shall be charged, levied and paid, in accordance with the provisions of this Part, a tax to be known as 'universal social charge' in respect of the income specified in paragraphs (a) and (b) of the Table to this subsection.
TABLE
(a) The income described in this paragraph (in this Part referred to as 'relevant emoluments') is emoluments to which Chapter 4 of Part 42 applies or is applied, including -
(i) any allowable contributions referred to in Regulation 31 of the Income Tax Regulations,
(ii) the initial market value (within the meaning of section 510(2)) of any shares, excluded from the charge to income tax by virtue of section 510(4), appropriated in accordance with Chapter 1 of Part 17, except where such shares were held by an employee share ownership trust, approved in accordance with Schedule 12, before 1 January 2011,
(iii) the market value (determined in accordance with section 548) of the right referred to in section 519A(1) or 519D
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