Part 7

Employment income: income and exemptions relating to securities
Chapter 3

Convertible securities

Tax charge on post-acquisition chargeable events

Charge on occurrence of chargeable event
438
1
This section applies if a chargeable event occurs in relation to the employment-related securities.
2
The taxable amount determined under section 440 counts as employment income of the employee for the relevant tax year.
3
The “
relevant tax year
” is the tax year in which the chargeable event occurs.
4
Section 439 explains what are chargeable events for the purposes of this section.
5
This section is subject to section 443 (case outside charge under this section).
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. 3 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 4(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 4(1); S.I. 2003/1997, art. 2