Paragraph 33 I1

At the end of Chapter 6 of Part 12 insert—

“Employee shareholder shares

1038B

For the purposes of this Part, any payment treated as made under section 226B of ITEPA 2003 (employee treated as paying £2000 for employee shareholder shares) in respect of the acquisition of shares is to be ignored when determining—

(a)

whether a person is subject to a charge to tax under that Act,

(b)

the amount that counts (or would have counted) as employment income under that Act, or

(c)

the consideration given by a person in relation to the acquisition of the shares.”

Accordingly, in the heading for that Chapter, at the end insert “ ETC ”.