From 6 April 2008 until 5 April 2015 the legislation only applies to employees resident in the UK at the time of grant of the option see ERSM20300.

Other employees acquiring securities through options will be chargeable within the provisions of Chapter 3C Part 7 ITEPA (securities acquired for less than market value).

From 6 April 2015 the residence exclusions in Part 7 of ITEPA03 have been removed. See [ERSM160000]( and in particular [ERSM162000](

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