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Employee share options
 
HMRC Brief 30/09 issued on 12 May states:
'Shares acquired before 10 April 2003 by exercising employee share options — allowable deductions
 
'For capital gains tax purposes the grant or acquisition of an option and the transaction entered into on the exercise of that option are treated as a single transaction. That single transaction is the acquisition or disposal of the asset transferred when the option is exercised — section 144 of the Taxation of Chargeable Gains Act 1992 (TCGA).
 
'Where shares were acquired on the exercise of an option before 10 April 2003 and the “market value rule” (section 17 TCGA) applies the market value of the shares when the option is exercised is used...

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