[ERSM70410] Securities acquired for less than market value: acquisition of securities by exercise of option granted overseas up to 5 April 2015
Residence up to 5 April 2015 (see ERSM162000 for periods from 6 April 2015)
Interaction of Chapter 3C with Chapter 5 (securities options)
Chapter 5 Part 7 ITEPA 2003 (securities options) exempts employees who subsequently become resident in the UK from the Chapter 5 charge at exercise, where the options were granted in a tax year when the employee was not resident in the UK, such that the provisions of ITEPA03/S15, ITEPA03/S22 or ITEPA03/S26 did not apply to their general earnings.
(For options granted before 6 April 2008 the exemption applied to any employee who was not resident and ordinarily resident in the UK in the year of grant.)