[F1430Election for outstanding restrictions to be ignoredU.K.
(1)The employer and the employee may elect that—
(a)on a chargeable event the taxable amount for the purposes of section 426 is to be determined by applying section 428(1) as if it did not include a reference to OP, and
(b)sections 426 to 429 are not to apply to the employment-related securities after that chargeable event.
(2)An election under this section—
(a)is to be made by agreement by the employer and the employee, and
(b)is irrevocable.
(3)Such an agreement—
(a)must be made in a form approved by [F2the Commissioners for Her Majesty’s Revenue and Customs] , and
(b)may not be made more than 14 days after the chargeable event.]
Textual Amendments
F1Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2
F2Words in Act substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 102(2); S.I. 2005/1126, art. 2(2)(h)