[F1442Amount of consideration given for entitlement to convertU.K.
(1)This section applies for the purposes of section 440 (amount of charge on occurrence of chargeable event).
(2)Consideration is to be regarded as given for the entitlement to convert the employment-related securities (or the securities in which they are an interest) if (and only if) ACS exceeds NCMV.
(3)The amount of the consideration to be regarded as so given is the amount of the excess.
(4)ACS is the amount of the consideration given for the acquisition of the employment-related securities.
(5)NCMV is the market value of the employment-related securities at the time of the acquisition, determined as if they were not convertible securities or an interest in convertible securities.]
Textual Amendments
F1Pt. 7 Ch. 3 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 4(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 4(1); S.I. 2003/1997, art. 2