Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Employment Related Securities Manual

From
HM Revenue & Customs
Updated
, see all updates

Introduction

Table of relevant legislation over the years

| Old legislation (pre-6/4/2003) | ITEPA 2003 as originally enacted (6/4/2003 – 15/4/2003) | ITEPA 2003 as amended by Schedules 21 & 22 FA 2003 (from 16/4/2003) | FA 2004 | FA 2005 & F(No 2)A 2005 | || | Various definitions & information powers | Chapter 1 Part 7
Introduction | Chapter 1 Part 7
Introduction

as from when relevant in context of other chapters | Anti-avoidance
measures for public offers and approved schemes
as from 18/6/04 | Insurance contracts
added to list of “securities”

as from 2/12/04 | | S140A-C ICTA 1988 (intro by FA 1998)
Conditional shares

S78 FA 1988
Charge where restrictions removed | Chapter 2 Part 7

Conditional interests in shares
Chapter 4 Part 7
Restrictions or rights varied | Chapter 2 Part 7

Restricted securities
as from 1/9/03 | Detailed anti-avoidance measures from 7/5/04 or 18/6/04

NIC elections as from 1/9/04 | Detailed anti-avoidance measures
as from 2/12/04 | | S140D-F ICTA 1988
(intro by FA 1998)
Convertible shares | Chapter 3 Part 7

Convertible shares Chapter 3 Part 7

Convertible securities
as from 1/9/03 | Detailed anti-avoidance
measures from 7/5/04

NIC elections as from 1/9/04 | Detailed anti-avoidance measures as from 2/12/04 | |   |   | Chapter 3A Part 7
Securities with artificially depressed market value
as from 16/4/03 | Detailed anti-avoidance
measures

from 7/5/04 |   | | S79 FA 1988
Shares in dependent subsidiaries | Chapter 4 Part 7
Increase in value of shares of dependent subsidiaries | Chapter 3B Part 7
Securities with artificially enhanced market value
as from 16/4/03 | Detailed anti-avoidance
measures

from 7/5/04 |   | | S162 ICTA 1988
Employee shareholdings | Chapter 8 Part 3
Notional loans in respect of acquisition of shares | Chapter 3C Part 7
Securities acquired for less than market value
as from 16/4/03 | Detailed anti-avoidance
measures

as from 7/5/04 | Detailed anti-avoidance
measures

as from 2/12/04  
  S162(6) ICTA 1988
Employee shareholdings Chapter 9 Part 3
Disposals of shares for more than market value Chapter 3D Part 7

Securities disposed of for more than market value
as from 16/4/03 |   |   | | S80 FA 1988
Special benefits | Chapter 4 Part 7
Post-acquisition benefits from shares | Chapter 4 Part 7
Post-acquisition benefits from securities
as from 16/4/03 | Detailed anti-avoidance
measures

as from 7/5/04 | Detailed anti-avoidance
measures

as from 2/12/04 | |   |   |   |   | Chapter 4A
Shares in research institution spin-out companies
as from 2/12/04 | | S135-S140 ICTA 1988
Gains by directors & employees from share options | Chapter 5 Part 7

Share options Chapter 5 Part 7

Securities options
as from 16/4/03 for other securities and from 1/9/03 for shares | Detailed anti-avoidance
measures from 18/6/04 |   | | S47 & Schedule 8 FA 2000
Employee share ownership plans (ESOPs) | Chapter 6 Part 7 & Schedule 2 Approved share incentive plans (SIPs)  | Detailed amendments in Schedule 21 FA 2003 |   |   | | S185 & Schedule 9 ICTA 1988
Approved share option schemes | Chapter 7 Part 7 & Schedule 3
Approved SAYE option schemes | Detailed amendments in Schedule 21 FA 2003 |   |   | | S185 & Schedule 9 ICTA 1988
Approved share option schemes | Chapter 8 Part 7 & Schedule 4
Approved CSOP schemes | Detailed amendments in Schedule 21 FA 2003 |   |   | | S62 & Schedule 14 FA 2000
Enterprise management incentives (EMI) | Chapter 9 Part 7 & Schedule 5
Enterprise management incentives (EMI) |   |   |   | | S86 FA 1988
Priority share allocations for employees | Chapter 10 Part 7
Priority share allocations |   |   |   |