seafarers and share options

seafarers and share options

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We deal with a UK resident who works on cruise ships. He is entitled to the foreign earnings deduction. He is in an Executive Share Option Scheme - unapproved by the Inland Revenue. Would the exercise of a share option be assessable to income tax and/or capital gains tax? Would the employer usually deal with the income tax and any national insurance? Would the capital gains computation compare the market value (sales proceeds) at the time of exercise with the option price plus the 'gain' assessable to income tax?
Your help in this matter would be greatly appreciated.
Geoff Webb

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