Persons not to be treated as promoters - employees3.

(1)

A person is not to be treated as a promoter in relation to a notifiable proposal or notifiable arrangements where he is an employee of an employer who is—

(a)

a promoter in relation to the proposal or the arrangements; or

(b)

a person who—

(i)

is to enter into any transaction forming part of the proposed arrangements; or

(ii)

enters into any transaction forming part of the arrangements.

(2)

In this regulation “employee” and “employer” have the same meanings as they have for the purposes of the employment income Parts of the Income Tax (Earnings and Pensions) Act 20034 (see section 4 of that Act) and—

(a)

“employee” includes an office holder to whom the provisions of those Parts that are expressed to apply to employments apply equally (see section 5 of that Act); and

(b)

“employer” includes a person under whom an office holder holds office and to whom those provisions similarly apply.

(3)

For the purposes of this regulation an employee of a person who is connected with another person (“A”) shall be treated as an employee of A.