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PAYROLL TAX ACT 2007 - SECT 19
Choice of relevant day
(1) The employer can elect to treat as the
"relevant day" either the date on which the share or option is granted to the
employee or the vesting date.
(2) A share or option is
"granted" to a person if- (a) another person transfers the share or option to
that person (other than, in the case of a share, by issuing the share to that
person), or
(b) in the case of a share-another person allots the share to
that person, or
(c) in the case of an option-another person confers the
option on, or otherwise creates the option in, that person, or
(d) the person
otherwise acquires a legal interest in the share or option from another
person, or
(e) the person acquires a beneficial interest in the share or
option from another person.
(2A) To avoid doubt, if an employee acquires a
right to be granted a share or an option, or some other material benefit, at
the election of the employer, the share or option is not granted until the
employer elects to grant the share or option.
(3) The
"vesting date" in respect of a share is one of the following dates (whichever
happens first)- (a) the date on which the share vests in the employee (that
is, when any conditions applying to the grant of the share have been met and
the employee’s legal or beneficial interest in the share cannot be
rescinded),
(b) the date at the end of the period of 7 years from the date on
which the share is granted to the employee.
(4) The
"vesting date" in respect of an option is one of the following dates
(whichever happens first)- (a) the date on which the share to which the option
relates is granted to the employee,
(b) the date on which the employee
exercises a right under the option to have the share the subject of the option
transferred to, allotted to or vested in him or her,
(c) the date at the end
of the period of 7 years from the date on which the option is granted to the
employee.
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