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HMRC internal manual

Employment Related Securities Manual

HM Revenue & Customs
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Securities with Artificially Enhanced Value

Shares under approved plans & schemes

Shares awarded or acquired under an approved plan or scheme used to be excluded from Chapters 2 to 4 of Part 7 by virtue of ITEPA03/S421G. FA04/S88 repealed this with effect from 18 June 2004 regardless of when the shares were awarded or acquired.

For those shares awarded or acquired before 18 June 2004 where ITEPA03/S421G would previously have applied, they are deemed to be acquired on 18 June 2004 for the purposes of determining the ‘relevant date’ and ‘relevant period’ under ITEPA03/S446O.