There are three scenarios in particular in which Section 554N can prevent Part 7A from applying to a relevant step taken after the acquisition of ‘securities’ or ‘interests in securities’ (within the meaning of Section 420 ITEPA 2003).
For other scenarios within Section 554N in particular, scenarios in which Section 554N can cover a relevant step whereby a person acquires employment-related securities or where a chargeable event occurs in relation to the employment-related securities see EIM45325.
See generally the Employment-Related Securities Manual.
Scenario 1: Acquisition of securities or interests in securities: consideration not less than market value
Under Section 554N(7)(a), three conditions must be met. They are bulleted below.