[F1[F2431BSecurities acquired for purpose of avoidanceU.K.
Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if
[F3(a) the main purpose (or one of the main purposes) of the arrangements under which the right or opportunity to acquire the employment-related securities is made available is the avoidance of tax or national insurance contributions] [F4, and]
[F5(b)at the time of the acquisition, the earnings from the employment are (or would be if there were any) general earnings to which any of the charging provisions of Chapters 4 and 5 of Part 2 applies.]]]
Textual Amendments
F1Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2
F2S. 431B inserted (with effect in accordance with Sch. 2 para. 7(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 2 para. 7(1)
F3Words in s. 431B renumbered as s. 431B(a) (6.4.2015) by The Finance Act 2014, Schedule 9 (Employment-related Securities etc.) (Consequential etc. Amendments) Regulations 2015 (S.I. 2015/360), regs. 1(2), 2(a)
F4Word in s. 431B(a) inserted (6.4.2015) by The Finance Act 2014, Schedule 9 (Employment-related Securities etc.) (Consequential etc. Amendments) Regulations 2015 (S.I. 2015/360), regs. 1(2), 2(b)
F5S. 431B(b) inserted (6.4.2015) by The Finance Act 2014, Schedule 9 (Employment-related Securities etc.) (Consequential etc. Amendments) Regulations 2015 (S.I. 2015/360), regs. 1(2), 2(b)