Paragraph 7

After section 431A insert—

“Securities acquired for purpose of avoidance

431B

Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if the main purpose (or one of the main purposes) of the arrangements under which the right or opportunity to acquire the employment-related securities is made available is the avoidance of tax or national insurance contributions.”

This paragraph has effect in relation to employment-related securities acquired on or after 2nd December 2004.