Related Commentary  

12(1)  In section 226A of ITEPA 2003 (amount treated as earnings)–

(a)in subsection (2), for “calculated in accordance with subsection (3)” substitute “equal to the market value of the shares”;

(b)omit subsection (3);

(c)in subsection (6), omit “and sections 226B to 226D”;

(d)in subsection (7), after “subsection (1)” insert “(but not subsection (2))”.

12(2)  Omit sections 226B to 226D of ITEPA 2003 (deemed payment).

12(3)  In consequence of subsection (2), in ITEPA 2003 omit the following–

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