Part 7

Employment income: income and exemptions relating to securities
Chapter 2

Restricted securities

Tax charge on post-acquisition chargeable events

Election for outstanding restrictions to be ignored
430
1
The employer and the employee may elect that—
a
on a chargeable event the taxable amount for the purposes of section 426 is to be determined by applying section 428(1) as if it did not include a reference to OP, and
b
sections 426 to 429 are not to apply to the employment-related securities after that chargeable event.
2
An election under this section—
a
is to be made by agreement by the employer and the employee, and
b
is irrevocable.
3
Such an agreement—
a
must be made in a form approved by the Board of Inland Revenue, and
b
may not be made more than 14 days after the chargeable event.
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)
Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2