Part 7

Employment income: income and exemptions relating to securities
Chapter 5

Securities options

Introduction

Associated persons
472
1
For the purposes of this Chapter the following are “
associated persons
” in relation to an employment-related securities option—
a
the person who acquired the employment-related securities option on the acquisition,
b
(if different) the employee, and
c
any relevant linked person.
2
A person is a relevant linked person if—
a
that person (on the one hand), and
b
either the person who acquired the employment-related securities option on the acquisition or the employee (on the other),
are or have been connected or (without being or having been connected) are or have been
members of the same household.
3
But a company which would otherwise be a relevant linked person is not if it is—
a
the employer,
b
the person from whom the employment-related securities option was acquired, or
c
the person by whom the right or opportunity to acquire the employment-related securities option was made available.
Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
Words in s. 472(2) substituted (18.6.2004 with application in accordance with s. 90(5) of the amending Act) by Finance Act 2004 (c. 12), s. 90(3)
Pt. 7 Ch. 5 substituted (16.4.2003 for specified purposes and otherwise 1.9.2003 with effect in accordance with Sch. 22 para. 10(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 10(1); S.I. 2003/1997, art. 2
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)