Paragraph 35 I1

In section 1293 (timing and amount of certain qualifying benefits), after subsection (5) insert—

“(5A)

In determining for the purposes of subsections (3) and (5) the amount that is, or would be, charged to tax under ITEPA 2003, any payment treated as made under section 226B of that Act (deemed payment for employee shareholder shares) is to be ignored.”