http://www.legislation.gov.uk/ukpga/2003/1/section/430/2004-06-18Income Tax (Earnings and Pensions) Act 2003An Act to restate, with minor changes, certain enactments relating to income tax on employment income, pension income and social security income; and for connected purposes.texttext/xmlenStatute Law Database2026-04-22Expert Participation2004-06-18 Income Tax (Earnings and Pensions) Act 2003s. 452(2)(aa)Finance Act 2013Sch. 23 para. 11Sch. 23 para. 38art. 2Income Tax (Earnings and Pensions) Act 2003s. 114(1)(a)(i)(ii)Finance Act 2026s. 17(2)(b)(5)s. 17(6)-(9)Income Tax (Earnings and Pensions) Act 2003s. 116(1)(a)(b)Finance Act 2026s. 17(3)(b)(5)s. 17(6)-(9)Income Tax (Earnings and Pensions) Act 2003s. 116AFinance Act 2026s. 17(4)(5)s. 17(6)-(9)Income Tax (Earnings and Pensions) Act 2003s. 136A(5)Finance Act 2026s. 19(10)s. 19(11)Income Tax (Earnings and Pensions) Act 2003s. 138AFinance Act 2026s. 19(10)s. 19(11)Income Tax (Earnings and Pensions) Act 2003s. 221AFinance Act 2026s. 22(1)s. 22(2) Part 7Chapter 24301The employer and the employee may elect that—aon 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, andbsections 426 to 429 are not to apply to the employment-related securities after that chargeable event.2An election under this section—ais to be made by agreement by the employer and the employee, andbis irrevocable.3Such an agreement—amust be made in a form approved by the Board of Inland Revenue, andbmay 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