SCHEDULES

SCHEDULE 2Employee securities: anti-avoidance

Securities acquired for less than market value

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1

In section 446R (exception from Chapter for certain company shares), for subsection (1A) substitute—

1A

This subsection is satisfied unless something which affects the employment-related securities has been done (at or before the time of the acquisition) 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.

2

This paragraph has effect where something such as is mentioned in section 446R(1A) of ITEPA 2003 has been done on or after 2nd December 2004.