Part 7Employment income: income and exemptions relating to securities

F1Chapter 1Introduction

Information

421LPersons to whom section 421J applies

(1)

This section applies for the purposes of section 421J (duty to provide information).

(2)

Each of the following persons is a responsible person in relation to a reportable event.

(3)

The persons are—

(a)

the employer in question,

(b)

any host employer of the employee in question,

(c)

the person from whom the securities in question were, or interest or option in question was, acquired, and

(d)

in relation to a reportable event concerning securities or an interest in securities which are not excluded securities, the person by whom the securities were issued.

(4)

In subsection (3)(b) “host employer” means a person other than the employer in question—

(a)

for whom the employee in question works at the time of the reportable event, and

(b)

who would, by virtue of subsection (2) of section 689 (employees of non-UK employers working for a person other than the employer), be treated for the purposes of PAYE regulations as making a payment of PAYE income of the employee in question if a payment to which subsection (5) would apply were made by the employer in question in respect of the period during which the employee works for the other person.

(5)

For the purposes of subsection (4)(b) this subsection would apply to a payment if—

(a)

it were a payment of PAYE income of the employee, and

(b)

the conditions in subsection (1)(c) and (d) of section 689 were satisfied in relation to the payment.

(6)

For the purposes of subsection (3)(d) securities are excluded securities in relation to a reportable event if they are—

(a)

loan stock, bonds or other instruments creating or acknowledging indebtedness issued by or on behalf of any national or regional government or local authority (in the United Kingdom or elsewhere) or any body whose members consists of states, national or regional governments or local authorities, or

(b)

securities which are issued by a person who, at the time of the reportable event, is not connected with the employer in question and which are listed or dealt in on a recognised stock exchange.