Section 427 | Chargeable events ^F1

(1)This section applies for the purposes of section 426 (charge on occurrence of chargeable event).

(2)Any of the events mentioned in subsection (3) is a “chargeable event” in relation to the employment-related securities.

(3)The events are—

(a)the employment-related securities ceasing to be restricted securities, or a restricted interest in securities, in circumstances in which an associated person is beneficially entitled to the employment-related securities after the event,

(b)the variation of any restriction relating to the employment-related securities in such circumstances (without the employment-related securities ceasing to be restricted securities or a restricted interest in securities), and

(c)the disposal for consideration of the employment-related securities, or any interest in them, by an associated person otherwise than to another associated person (at a time when they are still restricted securities or a restricted interest in securities).

(4)For the purposes of this Chapter there is a variation of a restriction relating to the employment-related securities if any restriction in relation to them is removed or varied.