Income Tax (Earnings and Pensions) Act 2003 section 451

Amount of charge

Section 451 specifies how to calculate the amount of the income tax charge that arises under section 449 when shares or interests in shares are acquired in certain circumstances.

• This section sets out the method for determining the taxable amount when a charge arises under section 449 in connection with the acquisition of shares or interests in shares.
• The provision breaks down the calculation into clearly defined steps, separating out the various components to make the computation easier to follow.
• The rules originated from section 78(3) of the Finance Act 1988, but have been restructured to present the calculation in a more accessible format.
• The section was subsequently amended by Schedule 22, paragraph 9(1) of the Finance Act 2003.