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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - onwards
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128. Tax treatment of directors of companies and employees granted rights to acquire shares or other assets.

(1)

(a) In this section, except where the context otherwise requires -

"branch or agency" has the same meaning as in section 4;

"company" has the same meaning as in section 4;

"director" and "employee" have the meanings respectively assigned to them by section 770(1);

"right" means a right to acquire any asset or assets including shares in any company;

"market value" shall be construed in accordance with section 548;

"shares" includes securities within the meaning of section 135 and stock.

(b) In this section -

(i) references to the release of a right include references to agreeing to the restriction of the exercise of the right;

(ii) a person shall be regarded as acquiring a right as a director of a company or as an employee -

(I) if by reason of the person's office or employment it is granted to the person, or to another person who assigns the right to the person, and

(II) if section 71(3) does not apply in charging to tax the profits or gains of that office or employment,

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