Income Tax (Earnings and Pensions) Act 2003 (c. 1)

Part 7 U.K. Employment income: share-related income and exemptions

Chapter 2 U.K. Conditional interests in shares

Supplementary provisions U.K.

431 Application of this Chapter where employee dies U.K.

(1) If the employee dies holding the employee’s interest, this Chapter applies as if the employee had disposed of the interest immediately before dying.

(2) The market value of the interest at the time of that disposal is to be determined for the purposes of section 428 (amount of charge) on the basis—

(a) that it is known that the disposal is being made immediately before the employee’s death, and

(b) that any restriction on disposal is to be disregarded in so far as it is a restriction terminating on the employee’s death.