SCHEDULE 22 Employee Securities and Options
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 22 Employee Securities and Options

Section 140

Introductory

1

The Income Tax (Earnings and Pensions) Act 2003 (c 1) is amended as follows.

Main provisions

2

(1)     For Chapter 1 of Part 7 (and the heading of that Part) substitute—

“Part 7
Employment Income: Income and Exemptions Relating to Securities
Chapter 1
Introduction
General
417
Scope of Part 7

(1)     This Part contains special rules about cases where securities, interests in securities or securities options are acquired in connection with an employment.

(2)     The rules are contained in—

Chapter 2 (restricted securities),

Chapter 3 (convertible securities),

Chapter 3A (securities with artificially depressed market value),

Chapter 3B (securities with artificially enhanced market value),

Chapter 3C (securities acquired for less than market value),

Chapter 3D (securities disposed of for more than market value),

Chapter 4 (post-acquisition benefits from securities),

Chapter 5 (securities options),

Chapter 6 (approved share incentive plans),

Chapter 7 (approved SAYE option schemes),

Chapter 8 (approved CSOP schemes),

Chapter 9 (enterprise management incentives), and

Chapter 10 (priority share allocations).

(3)     The following make provision for amounts to count as employment income—

Chapters 2 to 6, and

Chapter 8.

(4)     The following make provision

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