In certain circumstances, Section 554N gives Part 7 ITEPA 2003 (employment-related securities) priority over the Part 7A rules. This overrides the general rule that Part 7A takes priority.
In summary, where Part 7 applies because employment-related securities or securities options have been acquired within the terms of Part 7 (see ERSM20100), then the Part 7 rules apply instead of the Part 7A rules.
On Part 7, see the Employment-Related Securities Manual.
Acquisition of forfeitable securities
Under Section 554N(1), a relevant step does not give rise to Part 7A income if:
•the subject of the step is employment-related securities,