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When an asset is acquired by reason of employment, the market value rule (²õ±ð±ð ), applies unless it is displaced by other legislation. 

If a company issues shares to an employee there is no disposal of those shares by the company. However, it is to be expected in this situation that, whatever consideration may actually have been given by the employee, the value of their services (past, present and future) increases that consideration to the market value. Accordingly,  does not disapply  and the employee is treated as having acquired the shares at market value. 

The market value rule in  is disapplied in relation to the acquisition of certain types of employment-related security. Legislation has changed over time and the broad definition of "securities" in  was introduced by . You will need to consider not only the nature of the asset being disposed of but also when it was acquired. 

 prevents the market value rule applying to the acquisition of restricted or convertible employment-related securities (including securities subject to risk of forfeiture) on or after 1 September 2003. The acquisition consideration is thus the actual amount or value paid for those shares (subject to any addition required under  (²õ±ð±ð CG56328)). 

 does not apply to the person from whom the shares are acquired. 

Options 

Grant of an option 

 restricts both the cost to the employee and the disposal proceeds of the person granting the option to any amount actually paid for the grant of an employee share option (where this grant takes place after 27 November 1995). It extends to employment related securities options granted after 15 April 2003 (²õ±ð±ð ). A "securities option" is defined at  and may encompass rights or opportunities that would not otherwise be options. 

Exercise of an option 

From 15 April 2003 the acquisition of securities pursuant to an employment-related securities option is treated for the purposes of the TCGA 1992 as it were the exercise of an option (²õ±ð±ð  a²Ô»å CG56302).