Section 447 — Finance Act 2003: Charge on other chargeable benefits from securities

Charge on other chargeable benefits from securities 447 1 This Chapter applies if an associated person receives a benefit by virtue of the ownership of employment-related securities by that person or another associated person.

2 The taxable amount determined under section 448 counts as employment income of the employee for the relevant tax year.

3 The “ relevant tax year ” is the tax year in which the benefit is received.

4 This section does not apply if the benefit is otherwise chargeable to income tax.

5 This section is subject to section 449 (case outside this Chapter).