{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-431B",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-431B.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "section/431B",
  "kind": "section",
  "number": "431B",
  "heading": "Securities acquired for purpose of avoidance",
  "text": "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\n(a) 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 , and\n(b) at the time of the acquisition, the earnings from the employment are (or would be if there were any) general earnings to which any of the charging provisions of Chapters 4 and 5 of Part 2 applies.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 7 Ch. 2 substituted (1.9.2003 with effect in accordance with Sch. 22 para. 3(2)-(4) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 3(1); S.I. 2003/1997, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 431B inserted (with effect in accordance with Sch. 2 para. 7(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 2 para. 7(1)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 431B renumbered as s. 431B(a) (6.4.2015) by The Finance Act 2014, Schedule 9 (Employment-related Securities etc.) (Consequential etc. Amendments) Regulations 2015 (S.I. 2015/360), regs. 1(2), 2(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 431B(a) inserted (6.4.2015) by The Finance Act 2014, Schedule 9 (Employment-related Securities etc.) (Consequential etc. Amendments) Regulations 2015 (S.I. 2015/360), regs. 1(2), 2(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "S. 431B(b) inserted (6.4.2015) by The Finance Act 2014, Schedule 9 (Employment-related Securities etc.) (Consequential etc. Amendments) Regulations 2015 (S.I. 2015/360), regs. 1(2), 2(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/section/431B",
    "retrieved_at": "2026-10-29T09:18:42.395488+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}