Related Commentary  Related HMRC Manuals

421D(1)  Subsections (2) and (3) apply where an associated person is entitled to employment-related securities (the “original securities”) and either–

(a)as a result of the conversion of the original securities (or the securities in which they are an interest), or of any other transaction or series of transactions, that person ceases to be entitled to the original securities but that person or another associated person acquires securities or an interest in securities (the “replacement securities”), or

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