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Part 7 Chapter 4 ITEPA 2003

Part 7 Chapter 4 ITEPA 2003 was fundamentally amended by Schedule 22 FA 2003 with effect from 16 April 2003. It provides for a charge to income tax in certain cases if in connection with the disposal of employment-related securities a person receives a benefit by virtue of the ownership of employment-related securities.

See Post acquisition benefits from securities: contents - HMRC

PAYE

Section 698 ITEPA 2003 was fundamentally amended by Schedule 22 FA 2003 with effect from 1 September 2003. Where an amount counts as employment income of an employee by reason of Part 7 Chapter 4, then by virtue of Section 698 the employer is required to operate PAYE on the amount that counts as employment income if the relevant employment-related securities are readily convertible assets (see EIM12400).

»Ê¹ÚÌåÓýapp employer is not required to operate PAYE on an amount that counts as employment income of an employee by reason of Part 7 Chapter 4 if the relevant event occurs on a day before 1 September 2003.