# Finance (No. 2) Act 2005, Paragraph 7


(1) 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.”
(2) This paragraph has effect in relation to employment-related securities acquired on or after 2nd December 2004.

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Source: https://www.legislation.gov.uk/ukpga/2005/22/schedule/2/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2005/schedule-2/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.