47 Restricted securities

47.1 What are restricted securities

The most wide-ranging provisions dealing with employment-related securities are those dealing with restricted securities. Employment-related securities are restricted securities or a restricted interest in securities if1:

  1. 47.1.1

        there is any contract, agreement, arrangement or condition which makes provision to which any of subsections (2) to (4) of Section 423 of the Income Tax (Earnings and Pensions) Act 2003 applies, namely cases where there is a provision under which:

    1. (a)

          there will be a transfer, reversion or forfeiture of the securities (or interest in securities) in certain circumstances, leading to the employee losing beneficial

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