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S Davies v HMRC

In S Davies v HMRC [2018] UKUT 130 (30 April 2018) the UT found that TCGA 1992 s 144ZA did apply (so that the market value rule of s 17 did not apply) to the sale of shares obtained as a result of the exercise of unapproved share options.

Mr Davies had been an employee of Goldman Sachs (GS) and had been granted unapproved employee share options. He exercised his options in three tranches in 2005 and 2006 and immediately sold the shares. He filed his returns claiming losses on the sales on the basis that the acquisition cost of the shares was the sum of their market value and the income tax charge whilst their sale price was deemed to be market value under TCGA 1992 s 17 as s 144ZA did not apply. The issue of the appeal was whether s 144ZA...

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