ERSM70000 - Securities Acquired for less than Market Value

Contents

Introduction

ERSM70010Overview
ERSM70015Definitions
ERSM70020What is taxed?
ERSM70030Cases outside Chapter 3C
ERSM70040Relief for acquisition of shares in close company
ERSM70050Computing the undervalue

Notional loan

ERSM70100Date of effect
ERSM70110Computation
ERSM70120Example computations
ERSM70130Annual charge
ERSM70140Discharge

Avoidance cases

ERSM70200Charge on acquisition

Interaction with other provisions

ERSM70210Money’s worth, other Part 7 charges, spin-outs, & approved schemes

Residence

ERSM70400Effect of residence status
ERSM70410Acquisition of securities by exercise of option granted overseas
ERSM70420Employee resident but not ordinarily resident in UK: overseas workdays
ERSM70423Employee resident but not ordinarily resident in UK: overseas workdays – examples
ERSM70424Employee resident but not ordinarily resident in UK: leaving the UK
ERSM70425UK duties before permanent before arrival in UK
ERSM70430Employee resident and ordinarily resident, but not domiciled in UK: multiple employments
ERSM70440Non-residents
ERSM70450LTIPs or RSUs awarded abroad
ERSM70460Date of departure from UK and ESC A11
ERSM70480Internationally mobile employees: practical considerations

Old regime (pre-16 April 2003 acquisitions)

ERSM71000Shares acquired before 16 April 2003
ERSM71010Structure of charge
ERSM71020Computation of notional loan
ERSM71030Annual charge
ERSM71040Computation of notional loan: examples
ERSM71050Discharge of notional loan
ERSM71100Residence issues

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