As from 2 December 2004 where

a securities option is acquired pursuant to a right or opportunity; and

that right or opportunity is made available under arrangements the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions; or

(if the acquisition is before 2 December 2004), something is done on or after that date as part of such arrangements;

then the securities option does not qualify for the exclusion from Chapters 2 – 4 in ITEPA03/S420 (5)(e) (by virtue of ITEPA03/S420 (8)) and so remains within the meaning of securities in ITEPA03/S420 (1).

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