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Regulation 22(7) of the Social Security (Contributions) Regulations 2001

If an employee receives a benefit by virtue of the ownership of employment-related securities which is not otherwise chargeable to tax, an income tax charge arises under Chapter 4 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003. »Ê¹ÚÌåÓýapp amount which counts as employment income is the actual amount or market value of the benefit.

»Ê¹ÚÌåÓýapp same amount which counts as employment income is treated as earnings liable for Class 1 NICs provided section 698 ITEPA 3003 (PAYE: special charges on employment-related securities) applies.

ERSM90030 et seq explains more about post-acquisition benefits.