Related Commentary  Related HMRC Manuals

446U(1)  The notional loan is treated as discharged when–

(a)the employment-related securities are disposed of otherwise than to an associated person,

(b)if there is an outstanding or contingent liability to pay for the employment-related securities, that liability is released, extinguished, transferred or adjusted so as no longer to bind any associated person (except in circumstances in which subsection (4)(aa) applies), or

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