Part 7Employment income: income and exemptions relating to securities

F1Chapter 3Convertible securities

Tax charge on post-acquisition chargeable events

438Charge on occurrence of chargeable event

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 439,

(b)

“the taxable amount”is the amount determined under section 440, and

(c)

“the relevant tax year”is the tax year in which the chargeable event occurs.

(3)

Relief may be available under section 442A (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 443 (case outside charge under this section).