Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Securities definition

What does Securities mean? In legal practice, securities are tradable instruments that evidence ownership or debt, typically shares, bonds/debentures, and related instruments (for example, warrants), used in corporate finance and capital markets transactions. The term is used across multiple legal contexts and is often defined by statute. In the UK, under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), “securities” denotes a grouping of specified investments (for example, shares, debentures, government and public securities, warrants and certificates representing certain securities), distinct from “contractually based investments” and “other investments.” Separately, UK regulation and EU-derived frameworks use “transferable securities” (a MiFID/Prospectus...

Employment-related securities and options: UK CGT treatment, ITEPA interaction, pooling elections, BADR and planning

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Practice notes

Employment-related Securities and securities options

An employment-related security is, in broad terms, any security—covering Shares, certain insurance contract rights, debt, Derivatives, warrants, and stakes in investment partnerships and other collective investment schemes—where the chance or right to obtain that security (or an interest in it) arises by virtue of the individual’s employment, or someone else’s employment. Whether securities are employment-related determines the tax treatment on acquisition, on disposal, and throughout ownership. This Practice Note examines how the income tax charging provisions interact with the Capital gains tax (CGT) framework on disposals of employment-related securities. Share options are not categorised as employment-related securities; for tax purposes they are called ‘securities options’, although options are very often granted over employment-related securities. For more on the definition, see Practice Note: What is an employment-related security?

The capital gains tax regime

When an individual sells or otherwise disposes of an asset for a profit, a CGT charge may arise on the ‘chargeable gain’. Ordinarily, CGT is calculated by reference to the consideration...

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Karen Cooper

Cooper Cavendish

Karen is an experienced employee benefits lawyer with more than 20 years’ experience in advising companies of all sizes in relation to their employee benefit and remuneration issues. She trained and worked for leading law firms Baker McKenzie LLP and Linklaters LLP and spent three years as a remuneration consultant at Ernst & Young LLP. Prior to co-founding Cooper Cavendish, Karen headed up Osborne Clarke LLP's employee benefit practice for 15 years.Karen is a thought-leader and regularly speaks and presents at industry conferences and events. She is a member of the Small Quoted Companies Alliance Share Scheme Committee and the Share Plan Lawyers Organisation.Karen is also the author of a wide range of legal publications including the chapter on executive remuneration in Sweet & Maxwell’s ‘Corporate Governance’, the chapter on employee share schemes in Jordan’s Company...

Web page updated on 21/05/2026

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