Related Commentary  Related HMRC Manuals

421F(1)  Chapters 2, 3 and 3C do not apply in relation to employment-related securities that are shares acquired under the terms of an offer to the public or an interest in shares so acquired.

421F(1A)  But subsection (1) does not disapply those Chapters if the main purpose (or one of the main purposes)–

(a)of the arrangements under which the right or opportunity under which the shares were acquired, or

(b)for which the shares are held,

is the avoidance of tax or national insurance contributions.

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