Part 7

Employment income: income and exemptions relating to securities
Chapter 1

Introduction

General

Scope of Part 7
417
1
This Part contains special rules about cases where securities, interests in securities or securities options are acquired in connection with an employment.
2
The rules are contained in—
- Chapter 2 (restricted securities),
- Chapter 3 (convertible securities),
- Chapter 3A (securities with artificially depressed market value),
- Chapter 3B (securities with artificially enhanced market value),
- Chapter 3C (securities acquired for less than market value),
- Chapter 3D (securities disposed of for more than market value),
- Chapter 4 (post-acquisition benefits from securities),
- Chapter 5 (securities options),
- Chapter 6 (
...
share incentive plans),
- Chapter 7 (
...
SAYE
option schemes),
- Chapter 8 (
...
CSOP
schemes),
- Chapter 9 (enterprise management incentives), and
- Chapter 10 (priority share allocations).
3
The following make provision for amounts to count as employment income—
- Chapters 2 to 6, and
- Chapter 8.
4
The following make provision for exemptions and reliefs from income tax—
- Chapters 2 and 3, and
- Chapters 5 to 10.
5
Chapter 11 contains supplementary provisions relating to employee benefit trusts.
6
Section 5(1)
(application of employment income Parts to office-holders generally) does not apply to Chapters 6 to 10; and section 549(5) makes provision about its application to Chapter 11.
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Word in s. 417(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 46, 89 (with Sch. 8 paras. 90-96)
Pt. 7 Ch. 1 substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Word in s. 417(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 192, 204 (with Sch. 8 paras. 205-215)
Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)
Word in s. 417(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 131, 146 (with Sch. 8 paras. 147-157)