Norman v Revenue and Customs Commissioners

Income tax – Employment. The First-tier Tribunal (Tax Chamber) (the FTT) dismissed the appeal by the taxpayer against a further assessment to income tax on employment income made by the Revenue and Customs Commissioners in respect of the taxpayer's gain on the exercise of certain stock options. The FTT upheld the Revenue's decision that the stock gain at issue constituted 'employment-related securities option' within the meaning of s 471 of the Income Tax (Earnings and Pensions) Act 2003, with the result that the further assessment was valid.

Category: