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HMRC internal manual

Employment Related Securities Manual

Restricted Securities: Shares acquired before 16 April 2003: exemption from charge

  • shareholder’s relationship with the company is no longer that of an employee or director, the 7 year rule (see ERSM30070), or
  • increase in value has benefited all shareholders in the class equally and because of the pattern of shareholdings in the company, can be accepted not to have been organised with a view to rewarding employees (see ERSM30080); and the conditions in ERSM30090 have been satisfied.