Related Commentary  Related HMRC Manuals

446E(1)  This section applies where the market value of employment-related securities which are restricted securities or a restricted interest in securities is artificially low–

(a)immediately after an event which is a chargeable event in relation to the employment-related securities for the purposes of section 426 (charge on restricted securities),

(aa)immediately before the employment-related securities are disposed of (in circumstances which do not constitute such an event) or are cancelled without being disposed of, or

(b)on 5th April in any year.

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