Part 7Employment income: income and exemptions relating to securities
F1Chapter 2Restricted securities
Tax charge on post-acquisition chargeable events
430Election for outstanding restrictions to be ignored
(1)
The employer and the employee may elect that—
(a)
on a chargeable event the taxable amount for the purposes of section 426 is to be determined by applying section 428(1) as if it did not include a reference to OP, and
(b)
sections 426 to 429 are not to apply to the employment-related securities after that chargeable event.
(2)
An election under this section—
(a)
is to be made by agreement by the employer and the employee, and
(b)
is irrevocable.
(3)
Such an agreement—
(a)
must be made in a form approved by F2the Commissioners for Her Majesty’s Revenue and Customs , and
(b)
may not be made more than 14 days after the chargeable event.
F3(4)
No election may be made under this section unless, at the time of the chargeable event, the earnings from the employment are (or would be if there were any) general earnings to which any of the charging provisions of Chapters 4 and 5 of Part 2 applies.