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Income Tax (Earnings and Pensions) Act 2003
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476Charge on exercise, assignment or release of option by employee
This section has no associated Explanatory Notes
(1)This section applies if the employee realises a gain by exercising, assigning or releasing the share option.
(2)The taxable amount determined under section 478 counts as employment income of the employee for the relevant tax year.
(3)The “relevant tax year” is the tax year in which the option is exercised, assigned or released.
(4)Subsection (2) is subject to—
section 519 (approved SAYE option schemes: no charge in respect of exercise of option),
section 524 (approved CSOP schemes: no charge in respect of exercise of option), and
section 530 (enterprise management incentives: no charge on exercise of option to acquire shares at market value).
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