Employment related securities
Part 7 of ITEPA 2003 provides the income tax rules in cases where securities interests in securities or securities options are acquired in connection with employment to ensure that all of the value received by way of remuneration in the form of shares or other securities is taxed at the time it is accessed by the employee.
Schemes designed to side-step these rules will be stopped with effect from 2 December 2004. Such schemes were particularly used in relation to large bonuses in the financial sector.
The draft legislation published on 3 February 2005:
- extends the definition of securities to include certain insurance contracts;
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.