Related Commentary  Related HMRC Manuals

446L(1)  This section applies in relation to employment-related securities where on a date that is the valuation date in relation to a relevant period IMV is at least 10% greater than MV.

446L(2)  The taxable amount determined under subsection (4) counts as employment income of the employee for the relevant tax year (but subject to sections 446M and 446N).

446L(3)  The “relevant tax year”  is the tax year in which the valuation date falls.

446L(4)  The taxable amount is–

IMV − MV

446L(5)  IMV is the market value of the employment-related securities on the valuation date.

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