{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-8",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-22/paragraph-8.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/22/paragraph/8",
  "kind": "paragraph",
  "number": "8",
  "heading": null,
  "text": "(1) After Chapter 3C of Part 7 (inserted by paragraph 7(1)) insert—\n“Chapter 3D\nSecurities disposed of for more than market value\nApplication of this Chapter\n446X This Chapter applies if—\n(a) employment-related securities are disposed of by an associated person so that no associated person is any longer beneficially entitled to them, and\n(b) the disposal is for a consideration which exceeds the market value of the employment-related securities at the time of the disposal.\nAmount treated as income\n446Y (1) Where this Chapter applies the amount determined under subsection (3) counts as employment income of the employee for the relevant tax year.\n(2) The “relevant tax year” is the tax year in which the disposal occurs.\n(3) The amount is—\nCD-MV-DAwhere—\nCD is the amount of the consideration given on the disposal,\nMV is the market value of the employment-related securities at the time of the disposal, and\nDA is the amount of any expenses incurred in connection with the disposal.\nDefinitions\n446Z (1) In this Chapter “market value” has the meaning indicated in section 421(1).\n(2) For the purposes of this Chapter sections 421(2) and 421A apply for determining the amount of the consideration given for anything.\n(3) In this Chapter—\n“the employee”, and\n“employment-related securities”,\nhave the meaning indicated in section 421B(8).\n(4) In this Chapter “associated person” has the meaning indicated in section 421C.”.\n(2) Sub-paragraph (1) has effect in relation to securities, and interests in securities, disposed of 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/8",
    "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."
}