New Clause 4 - Procedure when right to acquire ceasesto be exercisable
Social Security Contributions
12:15 pm
`(1) Where a right to acquire shares has been the subject of a notice under section 1 above and the payment of a special contribution under section 2 above, and that right subsequently ceases to be exercisable to any extent then at the appropriate time an appropriate person may make a claim for the repayment of the appropriate amount.
(2) The procedure for making a claim under this section shall be governed by regulations made by the Inland Revenue pursuant to section 1(5) above.
(3) In this section
(a) the ``appropriate amount'' is the amount of the special contribution in question, reduced to take account of any tax relief (if any) given on the original payment of that special contribution, apportioned on a just and equitable basis agreed with the Inland Revenue to the extent that the right has ceased to be exercisable;
(b) the ``appropriate person'' is the person who paid the special contribution in question;
(c) the ``appropriate time'' is the period of twelve months commencing with the end of the year of assessment in which the right in question has ceased to be exercisable to any extent.'.—[Mr. Flight.]
Brought up, and read the First time.