Section 438 Charge on occurrence of chargeable eventF1

United Kingdom

(F21)

If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the relevant tax year.

(2)

For this purpose—

(a)

“chargeable event” has the meaning given by section 439,

(b)

“the taxable amount”is the amount determined under section 440, and

(c)

“the relevant tax year”is the tax year in which the chargeable event occurs.

(3)

Relief may be available under section 442A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section.

(5)

This section is subject to section 443 (case outside charge under this section).

Annotations

Textual amendments

F1: Pt. 7 Ch. 3 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 4(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 4(1); S.I. 2003/1997, art. 2
F2: S. 438(1)-(3) substituted for s. 438(1)-(4) (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 2(2); S.I. 2004/1945, art. 2

Notes on Part 7

Textual amendments

F1: Pt. 7 heading substituted (with effect in accordance with Sch. 22 para. 2(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 2(1)

Modifications

C1: Pt. 7: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)