Part 7

Employment income: income and exemptions relating to securities
Chapter 3C

Securities acquired for less than market value

Application of this Chapter
446Q
1
This Chapter applies if—
a
no payment is made for employment-related securities at or before the time of the acquisition, or
b
the payment made for employment-related securities at or before that time is less than their market value.
2
For the purposes of subsection (1) any obligation to make a payment or further payment after the time of the acquisition is to be disregarded.
3
Where the employment-related securities are, or are an interest in, securities which are not fully paid up, the reference in subsection (1) to the market value of the employment-related securities is to what it would be if the securities were fully paid up.
4
If section 425(2)
(no charge on acquisition of certain restricted securities or restricted interests in securities) applies in relation to the employment-related securities, this Chapter has effect as if the employment-related securities were not acquired until the occurrence of the first event which is a chargeable event for the purposes of section 426 in relation to the employment-related securities.
5
This section is subject to section 446R (case outside this Chapter).
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Pt. 7 Ch. 3C inserted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 7(1)
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)