ERSM20380 - Employment-related Securities and Options

Exclusions: approved share schemes

Pre-18 June 2004

Up to 17th June 2004 chargeable events affecting shares obtained from the following approved schemes:

  • Chapter 6 share incentive plan (SIP)
  • Chapter 7 SAYE option scheme (SAYE)
  • Chapter 8 company share option plan (CSOP)

are exempt from the following chapters:

  • Chapter 2 restricted securities
  • Chapter 3 convertible securities
  • Chapter 3A securities with artificially depressed market value
  • Chapter 3B securities with artificially enhanced market value
  • Chapter 3C securities acquired for less than market value
  • Chapter 3D securities disposed of for more than market value
  • Chapter 4 post-acquisition benefits from securities

18 June 2004 onwards

As from 18 June 2004 ITEPA03/S421G was repealed

Chapters 2 to 4 now apply in relation to shares awarded or acquired before that date as well as in relation to those awarded or acquired on or after that date.

For the purposes of the application of Chapter 3B (securities with artificially enhanced market value) in relation to shares acquired before 18th June 2004, ITEPA03/S446O of that Act (meaning of “relevant period”) has effect as if they were acquired on that date.