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HMRC have published Revenue and Customs Brief 30/09 in relation to shares acquired before 10 April 2003 by exercising employee share options.
For capital gains tax purposes the grant or acquisition of an option and the transaction entered into on the exercise of that option are treated as a single transaction (TCGA 1992 s 144).
Where shares were acquired on the exercise of an option before 10 April 2003 and the market value rule (s 17) applies the market value of the shares when the option is exercised is used for calculating capital gains or losses instead of the amounts actually paid for the option and on its exercise.
HMRC’s previous guidance in this respect explained how HMRC considered the gain or loss should be calculated on the disposal of shares acquired by such options i.e. by deducting from the disposal proceeds both of the following:
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