Part 7Employment income: income and exemptions relating to securities
F1Chapter 2Restricted securities
Tax charge on post-acquisition chargeable events
F2431AShares under F3tax advantaged plan or scheme
(1)
Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if they are shares, or an interest in shares, to which this subsection applies.
(2)
Subsection (1) applies to—
(a)
shares awarded or acquired under F4a Schedule 2 share incentive plan (within the meaning of Chapter 6 of this Part) in circumstances in which (in accordance with section 490) no liability to income tax arises,
(b)
shares acquired by the exercise of a share option granted under F5a Schedule 3 SAYE option scheme (within the meaning of Chapter 7 of this Part) in circumstances in which (in accordance with section 519) no liability to income tax arises,
(c)
shares acquired by the exercise of a share option granted under F6a Schedule 4 CSOP scheme (within the meaning of Chapter 8 of this Part) in circumstances in which (in accordance with section 524) no liability to income tax arises, and
(d)
shares acquired by the exercise of a qualifying option within the meaning of section 527(4) (enterprise management incentives) in circumstances in which (in accordance with section 530) no liability to income tax arises.