Restricted securities

Restricted securities

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What happens if a restriction is imposed on shares and subsequently lifted?

Scenario - employee acquired unrestricted shares at undervalue. I have no idea if income tax was accounted for at the time - that is another matter.

2 years later the Articles were amended, placing a restriction on transfer and transfer value on that class of share, the restriction applying if the shares were sold within a specified time period.

Question is what happens if the unrestricted MV has increased by the time the restriction is lifted (lapses)? Is there a further income tax charge?

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