Purpose of Election. This joint election is made pursuant to section 431(1) or 431(2) Income Tax (Earnings and Xxxxxxxx) Xxx 0000 (ITEPA) and applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are acquired. The effect of an election under section 431(1) is that, for the relevant Income Tax and NIC purposes, the employment-related securities and their market value will be treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply. An election under section 431(2) will ignore one or more of the restrictions in computing the charge on acquisition. Additional Income Tax will be payable (with PAYE and NIC where the securities are Readily Convertible Assets). Should the value of the securities fall following the acquisition, it is possible that Income Tax/NIC that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the Income Tax/NIC due by reason of this election. Should this be the case, there is no Income Tax/NIC relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.
Purpose of Election. 2.1 This Election relates to the Employer's secondary Class 1 National Insurance Contributions (the “Employer's Liability”) which may arise on the occurrence of a “Taxable Event” which gives rise to relevant employment income within section 4(4)(a) and/or paragraph 3B(1A) of Schedule 1 of the Social Security Contributions and Benefits Xxx 0000 (“SSCBA”), including but not limited to:
Purpose of Election. 2.1 This Election relates to the UK Employer’s secondary Class 1 National Insurance Contributions (the “Employer’s Liability”) which may arise on the occurrence of a “Taxable Event” pursuant to section 4(4)(a) of the Social Security Contributions and Benefits Xxx 0000, including:
Purpose of Election. This joint election is made pursuant to section 431(1) Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”) and applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are acquired. The effect of an election under section 431(1) is that, for the purposes of income tax and National Insurance contributions (“NICs”), the employment-related securities and their market value will be treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply. Additional income tax will be payable as a result of this election (with PAYE withholding and NICs being applicable where the securities are Readily Convertible Assets). Should the value of the securities fall following the acquisition, it is possible that income tax/NICs that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the income tax/NICs due by reason of this election. Should this be the case, there is no income tax/NICs relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.
Purpose of Election. 2.1 This Election relates to RSUs granted by the Company to the Employee under the Plan on or after [date].
Purpose of Election. 2.1 This Election relates to Restricted Stock Units granted by the Company under the Plan on or after 28 March 2014.
Purpose of Election. 2.1 This Election relates to all Options granted to Employee under the Plan up to the termination date of the Plan.
Purpose of Election. 2.1 This Election relates to Options granted by the Company under the Plan on or after September 1, 2016.
Purpose of Election. 2.1 This Election relates to Awards granted by the Company to the Employee under the Plan up to the termination of the Plan. 2.2 In this Election the following words and phrases have the following meanings: “Taxable Event” means .any event giving rise to Relevant Employment Income. “ITEPA” means the Income Tax (Earnings and Pensions) Act 2003. “Relevant Employment Income” from Awards on which employer’s National Insurance Contributions becomes due is defined as: i. an amount that counts as employment income of the earner under section 426 ITEPA (restricted securities: charge on certain post-acquisition events); ii. an amount that counts as employment income of the earner under section 438 of ITEPA (convertible securities: charge on certain post-acquisition events); or iii. any gain that is treated as remuneration derived from the earner’s employment by virtue of section 4(4)(a) SSCBA, including without limitation: (A) the acquisition of securities pursuant to the Awards (within the meaning of section 477(3)(a) of ITEPA); (B) the assignment (if applicable) or release of the Awards in return for consideration (within the meaning of section 477(3)(b) of ITEPA); (C) the receipt of a benefit in connection with the Awards, other than a benefit within (i) or (ii) above (within the meaning of section 477(3)(c) of ITEPA). “SSCBA” means the Social Security Contributions and Benefits Act 1992.
Purpose of Election. This joint election is made pursuant to Section 430(1) Income Tax (Earnings and Pensions) Xxx 0000 (“ITEPA 2003”) and applies where there is a charge by reason of Section 426 ITEPA 2003 on employment-related securities by variation of the restrictions. The effect of an election under Section 430(1) is to ignore any outstanding restrictions when computing the charge arising, so that additional income tax (with PAYE and NICs where the securities are readily convertible assets) will arise in computing the charge, but that no subsequent charge can arise by reason of Chapter 2 Part 7 ITEPA 2003. Should the value of the securities fall following the acquisition, it is possible that any income tax/NICs which would have arisen because of any future chargeable event (in the absence of an election) would have been less than any income tax/NICs due by reason of this election. Should this be the case, there is no income tax/NICs relief available under Part 7 of ITEPA 2003; nor is any income tax/NICs relief available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.
