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Income Tax (Earnings and Pensions) Act 2003 section 531
Limitation of charge on exercise of option to acquire shares below market value
Section 531 limits the income tax charge that arises when an employee exercises a qualifying Enterprise Management Incentive (EMI) option to acquire shares at less than their market value (or at no cost), by capping the taxable gain at a level that reflects the lower of two market values.
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