Paragraph 1 Introduction
(1)
The arrangements specified in this Part are those which satisfy the condition in sub-paragraph (2) and involve—
(a)
securities or associated rights (see paragraph 3);
(b)
payments to trustees and intermediaries (see paragraph 4); or
(c)
loans (see paragraph 5).
(2)
The condition is that a tax advantage by way of a reduction in, or deferment of, liability might be expected to be obtained, by virtue of the arrangements, by the employer or the employee, or by any other person by reason of the employee’s employment—
(a)
where the advantage relates to employment income, in any year of assessment; or
(b)
in any other case, in any period of account.