Income Tax (Earnings and Pensions) Act 2003 Schedule 5 paragraph 55

Meaning of "market value" of shares

Paragraph 55 defines what "market value" means when valuing shares for the purposes of the Enterprise Management Incentives (EMI) code.

  • Market value of shares under the EMI code has the same meaning as under Part 8 of the Taxation of Chargeable Gains Act 1992
  • This is the standard capital gains tax definition of market value
  • A special rule applies where shares are subject to restrictions or a risk of forfeiture
  • In those cases, the valuation rules in paragraph 5(7) of Schedule 5 override the general definition

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member