10

Subsection (11) applies for the purposes of subsection (2) or (3) if—

a

prior to the acquisition, the employment-related securities were the subject of a relevant step within the meaning of Part 7A by reason of which Chapter 2 of that Part applied in respect of the employment, and

b

the amount mentioned in subsection (11)(a) is higher than the amount mentioned in subsection (11)(b).

11

The amount of the gain realised is reduced (but not below nil) by the amount equal to—

a

the amount that counted as employment income of the employee in respect of the employment under Chapter 2 of Part 7A, less

b

the market value of the employment-related securities when the relevant step was taken determined as if they were not convertible securities or an interest in convertible securities.