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Legislation
Income Tax (Earnings and Pensions) Act 2003

Crossheading Tax charge on post-acquisition chargeable events

  • Section 426 Charge on occurrence of chargeable event
  • Section 427 Chargeable events
  • Section 428 Amount of charge
  • Section 428A Relief for secondary Class 1 contributions met by employee
  • Section 429 Case outside charge under section 426
  • Section 430 Election for outstanding restrictions to be ignored
  • Section 430A Application of this Chapter where securities exchanged for further securities
  • Section 431 Election for full or partial disapplication of this Chapter
  • Section 431A Shares under tax advantaged plan or scheme
  • Section 431B Securities acquired for purpose of avoidance
  • Section 432 Definitions
  1. Tax charge on post-acquisition chargeable events
  2. Shares under tax advantaged plan or scheme

Section 431A | Shares under tax advantaged plan or scheme F1F2

From legislation.gov.uk

(1)Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if they are shares, or an interest in shares, to which this subsection applies.

(2)Subsection (1) applies to—

(a)shares awarded or acquired under a Schedule 2 share incentive plan (within the meaning of Chapter 6 of this Part) in circumstances in which (in accordance with section 490) no liability to income tax arises,F3

(b)shares acquired by the exercise of a share option granted under a Schedule 3 SAYE option scheme (within the meaning of Chapter 7 of this Part) in circumstances in which (in accordance with section 519) no liability to income tax arises,F4

(c)shares acquired by the exercise of a share option granted under a Schedule 4 CSOP scheme (within the meaning of Chapter 8 of this Part) in circumstances in which (in accordance with section 524) no liability to income tax arises, andF5

(d)shares acquired by the exercise of a qualifying option within the meaning of section 527(4) (enterprise management incentives) in circumstances in which (in accordance with section 530) no liability to income tax arises.

Notes

  1. F1

    Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2

  2. F2

    S. 431A inserted (18.6.2004 with effect in accordance with s. 88(11)-(13) of the amending Act) by Finance Act 2004 (c. 12), s. 88(3)

  3. F3

    Words in s. 431A(2)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 47(3), 89 (with Sch. 8 paras. 90-96)

  4. F4

    Words in s. 431A(2)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 132, 146 (with Sch. 8 paras. 147-157)

  5. F5

    Words in s. 431A(2)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 193, 204 (with Sch. 8 paras. 205-215)

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