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Schedule 10—Employee share schemes: removing cessation of employment as a taxing point

Schedule 10 Employee share schemes: removing cessation of employment as a taxing point

   

Income Tax Assessment Act 1997

1  Section 83A-100 (paragraph beginning “If there is a real risk”)

Omit “If you cease employment earlier, or if 15 years pass”, substitute “If 15 years pass”.

2  Subsection 83A-115(2)

Omit “earliest of the times mentioned in subsections (4) to (6)”, substitute “earlier of the times mentioned in subsections (4) and (6)”.

3  Subsection 83A-115(5)

Repeal the subsection.

4  Subsection 83A-115(6)

Omit “3rd”, substitute “2nd”.

5  Subsection 83A-120(2)

Omit “subsections (4) to (7)”, substitute “subsections (4), (6) and (7)”.

6  Subsection 83A-120(5)

Repeal the subsection.

7  Subsection 83A-120(6)

Omit “3rd”, substitute “2nd”.

8  Subsection 83A-120(7)

Omit “4th”, substitute “3rd”.

9  Application of amendments

The amendments made by this Schedule apply in relation to each ESS interest for which the ESS deferred taxing point occurs on or after:

                     (a)  unless paragraph (b) applies—the first 1 July to occur after the day on which this Act receives the Royal Assent; or

                     (b)  if this Act receives the Royal Assent on a 1 July—that 1 July.

(165/21)