[F1[F2446NADisapplication of exceptions from chargesU.K.
(1)None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related securities if the market value of the employment-related securities at the time of the acquisition has been increased by at least 10% by non-commercial increases within the period of 7 years ending with the acquisition.
(2)The provisions are—
(a)section 429 (restricted securities),
(b)section 443 (convertible securities),
(c)section 446R (securities acquired for less than market value), and
(d)section 449 (post-acquisition benefits from securities).
(3)If section 446L (market value on valuation date increased by more than 10% by non-commercial increases during relevant period) applies in relation to employment-related securities, section 429 does not subsequently apply in relation to the employment-related securities.]]
Textual Amendments
F1Pt. 7 Ch. 3B inserted (16.4.2003 with effect in accordance with Sch. 22 para. 6(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 6(1)
F2S. 446NA inserted (retrospective to 7.5.2004) by Finance Act 2004 (c. 12), s. 86(7)(8)