Section 430 — Finance Act 2003: Election for outstanding restrictions to be ignored

Election for outstanding restrictions to be ignored 430 1 The employer and the employee may elect that—

a on a chargeable event the taxable amount for the purposes of section 426 is to be determined by applying section 428(1) as if it did not include a reference to OP, and b sections 426 to 429 are not to apply to the employment-related securities after that chargeable event.

2 An election under this section—

a is to be made by agreement by the employer and the employee, and b is irrevocable.

3 Such an agreement—

a must be made in a form approved by the Board of Inland Revenue, and b may not be made more than 14 days after the chargeable event.