Section 446Y — Income Tax (Earnings and Pensions) Act 2003: Amount treated as income

Amount treated as income 446Y 1 Where this Chapter applies the amount determined under subsection (3) counts as employment income of the employee for the relevant tax year.

2 The “ relevant tax year ” is the tax year in which the disposal occurs.

3 The amount is— CD - MV - DA where— CD is the amount of the consideration given on the disposal, MV is the market value of the employment-related securities at the time of the disposal, and DA is the amount of any expenses incurred in connection with the disposal.