5.2.1 Situations in which there is no risk of charge

There is no risk that an employee will be treated as having received taxable employment income under the restricted securities rules on selling shares or securities if he or she:

made an election under ITEPA 2003, s. 431(1) either when he or she acquired the securities or following an earlier chargeable event;

gave consideration that was at least equal to the securitiesʼ unrestricted market value on the date that they were acquired;

was charged to tax when the securities were acquired on a ‘restricted value’ that was greater than the securitiesʼ UMV (see 3.3 for more details); or

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