Section 554N ITEPA 2003

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,

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