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Income Tax (Earnings and Pensions) Act 2003
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Income Tax (Earnings and Pensions) Act 2003, Section 473 is up to date with all changes known to be in force on or before 13 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1473Introduction to taxation of securities optionsU.K.
This section has no associated Explanatory Notes
(1)The starting-point is that section 475 contains an exemption from the liability to tax that might otherwise arise under—
(a)Chapter 1 of Part 3 (earnings), or
(b)Chapter 10 of that Part (taxable benefits: residual liability to charge),
when an employment-related securities option is acquired.
(2)Liability to tax may arise, when securities are acquired pursuant to the employment-related securities option, under—
(a)section 446B (charge on acquisition where market value of securities or interest artificially depressed),
(b)Chapter 3C of this Part (acquisition of securities for less than market value), or
(c)section 476 (acquisition of securities pursuant to securities option).
(3)Liability to tax may also arise by virtue of section 476 when—
(a)the employment-related securities option is assigned or released, or
(b)a benefit is received in connection with the employment-related securities option.
(4)There are special rules relating to share options acquired under—
(a)[F2Schedule 3] SAYE option schemes (see Chapter 7 of this Part),
(b)[F3Schedule 4] CSOP schemes (see Chapter 8 of this Part), or
(c)enterprise management incentives (see Chapter 9 of this Part).]
Textual Amendments
F1Pt. 7 Ch. 5 substituted (16.4.2003 for specified purposes and otherwise 1.9.2003 with effect in accordance with Sch. 22 para. 10(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 10(1); S.I. 2003/1997, art. 2
F2Words in s. 473(4)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 133, 146 (with Sch. 8 paras. 147-157)
F3Words in s. 473(4)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 194, 204 (with Sch. 8 paras. 205-215)
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