Commentary on Sections Example 3 Ne = £5,000; Da = 183; De = 183; Smg = 0 Section 523: No charge in respect of receipt of option
2127.Subsection (1) derives from section 185(2) of ICTA. Here as elsewhere the phrase “no liability to income tax arises” expresses this type of exemption.
2128.Subsection (2) also derives from section 185(2) of ICTA.