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Legislation
Income Tax (Earnings and Pensions) Act 2003

Chapter 5A Taxable specific income: effect of remittance basis

  • Section 41A Taxable specific income from employment-related securities: effect of remittance basis
  • Section 41B Section 41A: the relevant period
  • Section 41C Section 41A: foreign securities income
  • Section 41D Limit on foreign securities income where duties of associated employment performed in UK
  • Section 41E Foreign securities income: just and reasonable apportionment
  1. Chapter 5A
  2. Section 41A: the relevant period

Section 41B | Section 41A: the relevant period F1

From legislation.gov.uk

(1)“The relevant period” is to be determined as follows.F1

(2)In the case of an amount that counts as employment income by virtue of Chapter 2 (restricted securities) or Chapter 3 (convertible securities), the relevant period—F1

(a)begins with the day of the acquisition, andF1

(b)ends with the day of the chargeable event.F1

(3)In the case of an amount that counts as employment income by virtue of section 446U (securities acquired for less than market value: discharge of notional loan)—F1

(a)if the relevant securities were acquired by virtue of the exercise of a securities option (“the option”), the relevant period—F1

(i)begins with the day of the acquisition of the option, andF1

(ii)ends with the day the option vests, andF1

(b)otherwise, the relevant period is—F1

(i)the tax year in which the notional loan (within the meaning of Chapter 3C) is treated as made, orF1

(ii)if the chargeable event occurs in that year, the period beginning at the beginning of that year and ending with the day of that event.F1

(4)In the case of an amount that counts as employment income by virtue of—F1

(a)Chapter 3D (securities disposed of for more than market value), orF1

(b)Chapter 4 (post-acquisition benefits from securities),F1

the relevant period is the tax year in which the chargeable event occurs.

(5)In the case of an amount that counts as employment income by virtue of Chapter 5 (employment-related securities options), the relevant period—F1

(a)begins with the day of the acquisition, andF1

(b)ends with the day of the chargeable event or, if earlier, the day the relevant securities option vests.F1

(6)In this section “the acquisition” has the same meaning as in Chapters 2 to 4 or Chapter 5 (see section 421B or 471).F1

(7)For the purposes of this section an option “vests” when it is first capable of being exercised.F1

(8)References in this section to a Chapter are to a Chapter of Part 7.F1

Notes

  1. F1

    Pt. 2 Ch. 5B substituted (with effect in accordance with Sch. 3 para. 7(3), Sch. 9 para. 48 of the amending Act) for Pt. 2 Ch. 5A by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 5, 47

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