426No charge in respect of acquisition of employee’s interest in certain circumstances
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(1)Subsection (2) applies if the terms on which the employee acquires the employee’s interest are such that the interest will cease to be only conditional within 5 years after its acquisition.
(2)No liability to income tax arises in respect of the acquisition of the employee’s interest, except as provided by—
(a)Chapter 8 of Part 3 (taxable benefits: notional loans in respect of acquisitions of shares), or
(b)section 476 (charge on exercise of share option by employee).