SCHEDULES

SCHEDULE 2Employee securities: anti-avoidance

Securities acquired for less than market value

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1

In section 446U(1) (discharge of notional loan), insert at the end

or

c

something which affects the employment-related securities is done 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 443U(1)(c) of ITEPA 2003 has been done on or after 2nd December 2004.