Section 476 | Charge on occurrence of chargeable event ^F1

(1)If a chargeable event occurs in relation to an employment-related securities option, 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 477,^F2

(b)“the taxable amount”is the amount determined under section 478, and^F2

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

(3)Relief under section 481 or 482 (relief for secondary Class 1 contributions or special contribution met by employee) may be available against an amount counting as employment income under this section.^F2

(5)If the employee has been divested of the employment-related securities option by operation of law—^F3

(a)income tax is charged on the amount determined under section 478, and^F3

(b)the person liable for any tax so charged is the relevant person in relation to the chargeable event (see section 477(7)).^F3

(5A)An amount charged under subsection (5)(a) is treated for income tax purposes as an amount of income.^F4

(6)This section is subject to—