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CX 34: Meaning of emergency call
or “Defining what counts as an emergency work call from home”
You could also call this:

“What an employee share loan is and how it works”

An employee share loan is a special kind of loan given to you by your employer. It’s only for buying shares, rights, or options in your employer’s company or a company connected to your employer. You can only use the loan for this purpose and nothing else.

When you get an employee share loan, you must own the shares, rights, or options for as long as you have the loan. If you stop owning any of them, you have to pay back the whole loan right away.

The company that gives you the shares, rights, or options must keep paying dividends while you have the loan.

There are some situations where this doesn’t apply. It doesn’t work for shares, rights, or options in a qualifying company. It also doesn’t apply to loans made under an [exempt ESS]. Lastly, it doesn’t count if you and your employer are associated persons, which means you’re closely connected in some way.

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Next up: CX 36: Meaning of private use

or “What counts as private use of a vehicle”
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Part C Income
Excluded income: Definitions

CX 35Meaning of employee share loan

  1. Employee share loan means a loan made to an employee if—

  2. the loan is made for the sole purpose of enabling the employee to acquire, under a scheme of acquisition,—
    1. shares, rights, or options in the company that is their employer:
      1. shares, rights, or options in a company that is associated with their employer; and
      2. the employee uses the loan only for the purpose of the acquisition; and
        1. the employee beneficially owns the shares, rights, or options throughout the term of the loan; and
          1. the employee must immediately repay the loan in full if they stop being the beneficial owner of any of the shares, rights, or options; and
            1. the company issuing the shares, rights, or options must maintain a dividend-paying policy throughout the term of the loan.

              1. This section does not apply—

              2. to shares, rights, or options in a qualifying company:
                1. to a loan made under an exempt ESS:
                  1. to an employer and an employee who are associated persons.

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                    Notes
                    • Section CX 35(2)(b): amended (with effect on 29 March 2018), on , by section 29(1) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
                    • Section CX 35 list of defined terms exempt ESS: inserted (with effect on 29 March 2018), on , by section 29(2) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).