Income Tax (Earnings and Pensions) Act 2003 section 92

Determination of market value

Section 92 sets out how the market value of shares is to be determined for the purposes of the Share Incentive Plan (SIP) code.

  • Market value of shares under the SIP code has the same meaning as under Part 8 of the Taxation of Chargeable Gains Act 1992
  • Where shares are subject to a restriction, their market value must be determined as though the restriction did not exist
  • An HMRC officer and the plan trustees may agree to determine market value by reference to a specific date or dates
  • Alternatively, they may agree to use an average of values across a number of dates

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