[F2446CAmount of chargeU.K.
(1)The taxable amount for the purposes of section 446B (charge on acquisition) is—
(2)FMV is what would be the market value of the employment-related securities at the time of the acquisition if the things mentioned in section 446B(1) had not been done.
(3)MV is the actual market value of the employment-related securities at the time of the acquisition.
(4)But where what would be MV is less than the amount of any consideration given for the acquisition of the employment-related securities, MV is the amount of that consideration.
(5)This section is subject to section 446D (restricted securities and convertible securities).]
Textual Amendments
F2Pt. 7 Ch. 3A inserted (16.4.2003 with effect in accordance with Sch. 22 para. 5(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 5(1)