Section 438 — Income Tax (Earnings and Pensions) Act 2003: Charge on occurrence of chargeable event

Charge on occurrence of chargeable event 438 1 If a chargeable event occurs in relation to the employment-related securities, the taxable amount counts as employment income of the employee for the relevant tax year.

2 For this purpose—

a “ chargeable event ” has the meaning given by section 439, b “ the taxable amount ”is the amount determined under section 440, and c “ the relevant tax year ”is the tax year in which the chargeable event occurs.

3 Relief may be available under section 442A (relief for secondary Class 1 contributions met by employee) against an amount counting as employment income under this section.

5 This section is subject to section 443 (case outside charge under this section).