{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-431A",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-431A.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/431A",
  "kind": "section",
  "number": "431A",
  "heading": "Shares under tax advantaged plan or scheme",
  "text": "(1) Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if they are shares, or an interest in shares, to which this subsection applies.\n(2) Subsection (1) applies to—\n(a) shares awarded or acquired under a Schedule 2 share incentive plan (within the meaning of Chapter 6 of this Part) in circumstances in which (in accordance with section 490) no liability to income tax arises,\n(b) shares acquired by the exercise of a share option granted under a Schedule 3 SAYE option scheme (within the meaning of Chapter 7 of this Part) in circumstances in which (in accordance with section 519) no liability to income tax arises,\n(c) shares acquired by the exercise of a share option granted under a Schedule 4 CSOP scheme (within the meaning of Chapter 8 of this Part) in circumstances in which (in accordance with section 524) no liability to income tax arises, and\n(d) shares acquired by the exercise of a qualifying option within the meaning of section 527(4) (enterprise management incentives) in circumstances in which (in accordance with section 530) no liability to income tax arises.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 431A inserted (18.6.2004 with effect in accordance with s. 88(11)-(13) of the amending Act) by Finance Act 2004 (c. 12), s. 88(3)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 431A(2)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 47(3), 89 (with Sch. 8 paras. 90-96)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 431A(2)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 132, 146 (with Sch. 8 paras. 147-157)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 431A(2)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 193, 204 (with Sch. 8 paras. 205-215)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in s. 431A heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 47(2), 89 (with Sch. 8 paras. 90-96)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/431A",
    "retrieved_at": "2026-10-29T09:18:42.395488+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."
}