Income Tax (Earnings and Pensions) Act 2003 section 447

Charge on other chargeable benefits from securities

Section 447 sets out when an income tax charge arises where an associated person receives a benefit connected with employment-related securities.

• The chapter applies whenever an associated person receives a benefit in connection with employment-related securities.
• The taxable amount, calculated under section 448, is treated as employment income for the tax year in which the benefit is received.
• If the benefit is already subject to income tax elsewhere, this charge does not apply — unless the securities have been affected by a scheme or arrangement whose main purpose (or one of its main purposes) is the avoidance of tax or national insurance contributions.
• Certain cases are excluded from the chapter entirely, as set out in section 449.