{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-50",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-50.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/22/paragraph/50",
  "kind": "paragraph",
  "number": "50",
  "heading": null,
  "text": "(1) After section 119 insert—\n“Increase in expenditure by reference to tax charged in relation to employment-related securities\n119A (1) This section applies to a disposal of an asset consisting of employment-related securities if the disposal—\n(a) is an event giving rise to a relevant income tax charge, or\n(b) is the first disposal after an event, other than a disposal, giving rise to a relevant income tax charge.\n(2) Section 38(1)(a) applies as if the relevant amount had formed part of the consideration given by the person making the disposal for his acquisition of the employment-related securities.\n(3) For the purposes of this section an event gives rise to a relevant income tax charge if it results in an amount counting as employment income—\n(a) under section 426 of ITEPA 2003 (restricted securities),\n(b) under section 438 of ITEPA 2003 by virtue of section 439(3)(a) of that Act (conversion of convertible securities),\n(c) under section 446U of ITEPA 2003 (securities acquired for less than market value: discharge of notional loan), or\n(d) under section 476 of ITEPA 2003 by virtue of section 477(3)(a) of that Act (acquisition of securities pursuant to employment-related securities option),\nin respect of the employment-related securities.\n(4) For the purposes of this section “the relevant amount” is the aggregate of the amounts counting as employment income as mentioned in subsection (3) above by reason of events occurring—\n(a) not later than the disposal, and\n(b) where this section has applied to an earlier disposal of the employment-related securities, after the last disposal to which this section applied.\n(5) But where the relevant amount consists of or includes an amount counting as employment income under section 476 of ITEPA 2003, it is to be increased by the aggregate of any amounts deducted under section 480(5)(a) or (b), 481 or 482 of that Act in arriving at the amount of that employment income.\n(6) Where securities or interests in securities cease to be employment-related securities—\n(a) by reason of subsection (6) of section 421B of ITEPA 2003 in circumstances in which, immediately before the employee’s death, the employment-related securities are held otherwise than by the employee, or\n(b) by reason of subsection (7) of that section,\nthey are to be regarded for the purposes of this section as remaining employment-related securities until the next occasion on which they are disposed of.\n(7) In this section—\n“employment-related securities”, and\n“employee”, in relation to employment-related securities,\nhave the same meaning as in Chapters 1 to 4 of Part 7 of ITEPA 2003.\n(8) References in this section to ITEPA 2003 are to that Act as amended by Schedule 22 to the Finance Act 2003.”.\n(2) Sub-paragraph (1) has effect in relation to disposals on or after 16th April 2003.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/22/paragraph/50",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}