Has any change been made to the tax relief available to employees who pay their employer’s NIC liability on securities option gains?
A. Yes, changes made as a result of the Finance Act 2003 puts beyond doubt that any cash cancellation payments made for giving up a securities option can be included in a joint election. Therefore, where a transfer occurs on a cash cancellation payment, employees will be able to claim any income tax relief available. Schedule 16 to Finance Act 2004 made minor amendments to the legislation providing for this tax relief (section 481 ITEPA 2003). But this simply ensured that the provision of tax relief was consistent for options, restricted securities & convertible securities. No substantive change was made to the provision of income tax relief for option gains.
Related Questions
- Has any change been made to the tax relief available to employees who pay their employer’s NIC liability on securities option gains?
- How does an employee receive the income tax relief when they pay their employer (secondary) NIC liability under an Agreement?
- How does an employee receive the income tax relief when they pay their employers NIC liability?
