This Chapter applies if an associated person receives a benefit F2in connection with employment-related securities .

The taxable amount determined under section 448 counts as employment income of the employee for the relevant tax year.

The “relevant tax year” is the tax year in which the benefit is received.

F3If the benefit is otherwise chargeable to income tax this section does not apply unless something has been done which affects the employment-related securities as part of a scheme or arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions.

This section is subject to section 449 (case outside this Chapter).