I have UK resident client, employed in the UK by an Israeli company listed on the USA stockmarket. He has been granted share options in relation to this emlpoyment in an Israeli/USA scheme. Therefore unlikely it has been approved by HMRC. He wants to exercise the rights in the coming weeks but I am unsure of the treatment when he sells. However, as an unapproved scheme, am I right that he would be liable to income tax on the exercise date, and CGT on the sale date? Is it as simple as that?