Section 427 — Income Tax (Earnings and Pensions) Act 2003: Chargeable events

Chargeable events 427 1 This section applies for the purposes of section 426 (charge on occurrence of chargeable event).

2 Any of the events mentioned in subsection (3) is a “ chargeable event ” in relation to the employment-related securities.

3 The events are—

a the employment-related securities ceasing to be restricted securities, or a restricted interest in securities, in circumstances in which an associated person is beneficially entitled to the employment-related securities after the event, b the variation of any restriction relating to the employment-related securities in such circumstances (without the employment-related securities ceasing to be restricted securities or a restricted interest in securities),

and c the disposal for consideration of the employment-related securities, or any interest in them, by an associated person otherwise than to another associated person (at a time when they are still restricted securities or a restricted interest in securities).

4 For the purposes of this Chapter there is a variation of a restriction relating to the employment-related securities if any restriction in relation to them is removed or varied.