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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 The Introduction ERSM10000
Chapter 2 Restricted securities ERSM30000
Chapter 3 Convertible securities ERSM40000
Chapter 3A Securities with artificially depressed market value ERSM50000
Chapter 3B Securities with artificially enhanced market value ERSM60000
Chapter 3C Securities acquired for less than market value ERSM70000
Chapter 3D Securities disposed of for more than market value ERSM80000
Chapter 4 Post acquisition benefits from securities ERSM90000
Chapter 4A Shares in research institution spin out companies ERSM100000
Chapter 5 Securities options 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