[F1426Charge on occurrence of chargeable eventU.K.
[F2(1)If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the relevant tax year.
(2)For this purpose—
(a)“chargeable event” has the meaning given by section 427,
(b)“the taxable amount”is the amount determined under section 428, and
(c)“the relevant tax year”is the tax year in which the chargeable event occurs.
(3)Relief may be available under section 428A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section.]
(5)This section is subject to section 429 (case outside charge under this section).]
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. 426(1)-(3) substituted for s. 426(1)-(4) (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 1(2); S.I. 2004/1945, art. 2