[480 Deductible amounts]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[480  Deductible amounts]

[(1)     This section applies for the purposes of section 478 (amount of charge on occurrence of chargeable event).

(2)     The amount of—

(a)     any consideration given for the acquisition of the employment-related securities option, and

(b)     the amount of any expenses incurred in connection with the acquisition of securities, assignment, release or receipt which constitutes the chargeable event,

is a deductible amount.

(3)     Where in consequence of—

(a)     the acquisition of the employment-related securities option,

(b)     the acquisition of securities pursuant to the employment-related securities option, or

(c)     a transaction of which the acquisition of the employment-related securities option or the acquisition of securities pursuant to the employment-related securities option forms part,

there is a reduction

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