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(1)This section applies if the option is to acquire shares at less than their market value—
(a)at the time when the option is granted, or
(b)if it is a replacement option, at the time when the original option was granted,
or at nil cost.
(2)If this section applies, the section 476 gain is—
where—
CMV is the chargeable market value,
ACO is the amount or value of the consideration given for the grant of the option, and
ACS is the amount, if any, for which the shares are acquired.
(3)“The chargeable market value” means—
(a)the market value of the shares—
(i)at the time when the option was granted, or
(ii)if it is a replacement option, at the time when the original option was granted, or
(b)the market value of the shares at the time when the option is exercised,
whichever is lower.
(4)In this section “the section 476 gain” means the amount which is to be regarded for the purposes of section 476 (charge on exercise etc. of option by employee) as the amount of the gain realised by exercising the option.
(5)This section has effect subject to section 532 (modified tax consequences following disqualifying events).
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