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

HMRC internal manual

Shares and Assets Valuation Manual

ITEPA: Schedule 22 Finance Act 2003

The regime for the taxation of employment – related securities introduced by Schedule 22, Finance Act 2003 (as amended) comprises the following chapters:

Chapter 1  Introduction ERSM10000
Chapter 2 Restricted securities: contents ERSM30000
Chapter 3 Convertible securities ERSM40000
Chapter 3A Securities with artificially depressed value ERSM50000
Chapter 3B Securities with artificially enhanced value: contents ERSM60000
Chapter 3C Securities acquired for less than the market value ERSM70000
Chapter 3D Disposals for more than the market value ERSM80000
Chapter 4 Post acquisition benefits from securities: contents ERSM90000
Chapter 4A University spin-outs: contents ERSM100000
Chapter 5 Securities options: contents ERSM110000



Where there is doubt or concern regarding the application of the legislation in the valuation process, the Employment Related Securities Manual (ERSM) should always be considered before the ITEPA specialists in SAV are consulted.



  Additional Guidance: SVM150000