Section 447 — Income Tax (Earnings and Pensions) 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 in connection with employment-related securities .

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 If the benefit is otherwise chargeable to income tax this section does not apply unless something has been done which affects the employment-related securities as part of a scheme or arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions.

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