Commentary

C2.812 Disposal of securities acquired before 1 September 2003

Capital gains tax
Capital gains tax | Commentary

C2.812 Disposal of securities acquired before 1 September 2003

Capital gains tax | Commentary

C2.812 Disposal of securities acquired before 1 September 2003

For acquisitions and disposals before the provisions described in C2.811 became effective, the position regarding shares acquired as a director or employee is as follows. (References are to the legislation before amendment by FA 2003.)

Conditional, or 'clogged' shares (see C2.811) are issued in consideration for services provided by employees and are in general, therefore, deemed to be acquired at market value1. There is an exception for shares issued after 16 March 1998 which are subject to the risk of forfeiture where there is a specific charge to income tax under ITEPA

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