ITEPA 2003, Pt. 7, Chapter 4 is intended to tax any benefits received ‘in connection with employment-related securities’ either by the employee or his or her associated persons, that would not otherwise be subject to income tax.
In the context of Part 7, Chapter 4 is intended to be the other tine of Mortonʼs Fork: it is there to catch any benefits that are not taxed by the other provisions of Part 7. In practice, its scope is more limited, as most of the other benefits of share ownership can be captured by the charge on acquisition or by Chapter 3B.
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