473(1)  The starting-point is that section 475 contains an exemption from the liability to tax that might otherwise arise under–

(a)Chapter 1 of Part 3 (earnings), or

(b)Chapter 10 of that Part (taxable benefits: residual liability to charge),

when an employment-related securities option is acquired.

473(2)  Liability to tax may arise when securities are acquired pursuant to the employment-related securities option under–

(a)section 446B (charge on acquisition where market value of securities or interest artificially depressed),

(b)Chapter 3C of this Part (acquisition of securities for less than market value), or

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