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HMRC internal manual

Employment Related Securities Manual

HM Revenue & Customs
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Employment-related securities and options: exclusions: tax-advantaged share schemes

Pre-18 June 2004

Up to 17th June 2004 chargeable events affecting shares obtained from the following (then “approved”, now) tax-advantaged schemes:

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

are exempt from the Chapters 2 to 4 by virtue of ITEPA03/S421G.

18 June 2004 onwards

As from 18 June 2004 ITEPA03/S421G was repealed

From that date Chapters 2 to 4 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.