Part 7Employment income: income and exemptions relating to securities

F1Chapter 1Introduction

General

418Other related provisions

F2A1

This Part needs to be read with Chapter 5B of Part 2 (taxable specific income from employment-related securities etc: internationally mobile employees).

(1)

In Part 3—

  • Chapter 1 (earnings), and

  • Chapter 10 (taxable benefits: residual liability to charge),

may also have effect in relation to securities and interests in securities F3....

F4(1A)

But Chapters 1 and 10 of Part 3 do not have effect in relation to—

(a)

the acquisition of employment-related securities options (within the meaning of Chapter 5 of Part 7), or

(b)

chargeable events (within the meaning given by section 477) occurring in relation to such options.

(2)

Part 7 of Schedule 7 (transitional provisions relating to securities and securities options) may also be relevant.

(3)

In view of section 49 of FA 2000 (phasing out of APS schemes) the following are not rewritten in this Act and continue in force unaffected by the repeals made by this Act—

  • section 186 of ICTA (APS schemes) and section 187 of that Act (interpretation) so far as relating to APS schemes, and

  • Schedule 9 to ICTA (approval of share schemes) so far as relating to APS schemes and Schedule 10 to that Act (further provisions about APS schemes).

“APS schemes” means profit sharing schemes approved under Schedule 9 to ICTA.

F5(4)

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