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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

Part 1 of Schedule 9 to the Finance Act 2014 amends how employment related securities (“ERS”) acquired by internationally mobile workers are charged under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”).

These Regulations use a power contained in Part 4 of Schedule 9 to the Finance Act 2014 to make a consequential amendment to section 431B ITEPA. The consequence of this amendment is that section 431B will only apply to ERS which are within the scope of UK earnings at the time of acquisition.

A Tax Information and Impact Note covering this instrument was published on 10th December 2013 alongside the draft Finance Bill 2014 and is available on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.