Income Tax (Earnings and Pensions) Act 2003, Section 431A is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if they are shares, or an interest in shares, to which this subsection applies.
(2)Subsection (1) applies to—
(a)shares awarded or acquired under [F4a Schedule 2] share incentive plan (within the meaning of Chapter 6 of this Part) in circumstances in which (in accordance with section 490) no liability to income tax arises,
(b)shares acquired by the exercise of a share option granted under [F5a Schedule 3] SAYE option scheme (within the meaning of Chapter 7 of this Part) in circumstances in which (in accordance with section 519) no liability to income tax arises,
(c)shares acquired by the exercise of a share option granted under [F6a Schedule 4] CSOP scheme (within the meaning of Chapter 8 of this Part) in circumstances in which (in accordance with section 524) no liability to income tax arises, and
(d)shares acquired by the exercise of a qualifying option within the meaning of section 527(4) (enterprise management incentives) in circumstances in which (in accordance with section 530) no liability to income tax arises.]]
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
F2S. 431A inserted (18.6.2004 with effect in accordance with s. 88(11)-(13) of the amending Act) by Finance Act 2004 (c. 12), s. 88(3)
F3Words in s. 431A heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 47(2), 89 (with Sch. 8 paras. 90-96)
F4Words in s. 431A(2)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 47(3), 89 (with Sch. 8 paras. 90-96)
F5Words in s. 431A(2)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 132, 146 (with Sch. 8 paras. 147-157)
F6Words in s. 431A(2)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 193, 204 (with Sch. 8 paras. 205-215)
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