# Income Tax (Earnings and Pensions) Act 2003, Section 431A: Shares under tax advantaged plan or scheme

Extent: E+W+S+N.I.

(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.
(2) Subsection (1) applies to—
(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,
(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,
(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
(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.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/section/431A (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-431A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.