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 Commissioners for Her Majesty’s Revenue and Customs
, and
b
may not be made more than 14 days after the chargeable event.
4
No election may be made under this section unless, at the time of the chargeable event, the earnings from the employment are (or would be if there were any) general earnings to which any of the charging provisions of Chapters 4 and 5 of Part 2 applies.
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
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(2); S.I. 2005/1126, art. 2(2)(h)
S. 430(4) inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 11, 47
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)