PTP's Tax Tip No.32 ' Exercise of EMI options

Q: Help! My client exercised EMI options last month and I have just drawn up the election under s431 ITEPA 2003, to bring unrestricted market value (UMV) into account for tax on exercise, but apparently this should have been submitted within 14 days to be effective. I know it doesn't affect the liability on exercise, but the shares are restricted and will leap in value when the restriction is lifted in three years time. My client is (to say the least) upset with me.

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timcooke | | Permalink

I had understood that the physical ITEPA form need not be submitted to the Revenue but the signed copy should be retained for later use and reference. Is this correct?