The acquisition of shares (or other securities) by employees, upon exercise of taxed securities options, will invariably generate an income tax liability for the employee. In cases where, at the time such liability crystallises, the shares (or securities) in question are ‘readily convertible assets’, the income tax has to be accounted for via the PAYE system (ITEPA 2003, s. 700), and a liability to National Insurance contributions will also normally arise (again, accountable via the PAYE system).

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