Part 7Employment income: income and exemptions relating to securities

F1Chapter 2Restricted securities

Tax charge on post-acquisition chargeable events

427Chargeable events

(1)

This section applies for the purposes of section 426 (charge on occurrence of chargeable event).

(2)

Any of the events mentioned in subsection (3) is a “chargeable event” in relation to the employment-related securities.

(3)

The events are—

(a)

the employment-related securities ceasing to be restricted securities, or a restricted interest in securities, in circumstances in which an associated person is beneficially entitled to the employment-related securities after the event,

(b)

the variation of any restriction relating to the employment-related securities in such circumstances (without the employment-related securities ceasing to be restricted securities or a restricted interest in securities), and

(c)

the disposal for consideration of the employment-related securities, or any interest in them, by an associated person otherwise than to another associated person (at a time when they are still restricted securities or a restricted interest in securities).

(4)

For the purposes of this Chapter there is a variation of a restriction relating to the employment-related securities if any restriction in relation to them is removed or varied.