Part 7

Employment income: income and exemptions relating to securities
Chapter 1

Introduction

General

Other related provisions
418
A1
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 ....
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.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Words in s. 418(1) omitted (6.4.2016) by virtue of Finance Act 2016 (c. 24), s. 17(1)(4)
S. 418(A1) inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 7, 47
S. 418(1A) inserted (6.4.2016) by Finance Act 2016 (c. 24), s. 17(2)(4)
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)
S. 418(4) omitted (with effect in accordance with s. 50(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 50(2)(a)
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)