Section 438 | Charge on occurrence of chargeable event ^F1

(1)If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the relevant tax year.^F2

(2)For this purpose—^F2

(a)“chargeable event” has the meaning given by section 439,^F2

(b)“the taxable amount”is the amount determined under section 440, and^F2

(c)“the relevant tax year”is the tax year in which the chargeable event occurs.^F2

(3)Relief may be available under section 442A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section.^F2

(5)This section is subject to section 443 (case outside charge under this section).