Related Commentary  Related HMRC Manuals

120(1)  Subsection (1A) applies where–

(a)a person (“the employee” ) has acquired shares or an interest in shares as mentioned in section 447(1) of ITEPA 2003, and

(b)an amount counts as employment income of the employee under Chapter 4 of Part 7 of that Act in respect of the shares.

120(1A)  On the first disposal of the shares after the acquisition occurs, the employment income amount shall be treated for the purposes of section 38(1)(a) as consideration given by the person making the disposal for the acquisition of the shares.

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