# Income Tax (Earnings and Pensions) Act 2003, Section 540: No charge on acquisition of shares as taxable benefit

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

(1) ... Chapter 3C of this Part (taxable benefits: notional loans in respect of acquisitions of shares) does not apply in relation to the acquisition of shares by the exercise of a qualifying option.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2003/1/section/540 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-540
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.