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

(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, and^F1

(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, and^F1

(ii)ends with the day the option vests, and^F1

(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, or^F1

(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), or^F1

(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, and^F1

(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