Regulation 22(7) of the Social Security (Contributions) Regulations 2001

An employee may acquire employment-related securities, or an interest in securities, subject to certain restrictions, for example, they may not be sold for a certain period and/or may be subject to forfeiture. Restricted securities have the meaning given in section 423 of the Income Tax (Earnings and Pensions) Act 2003. This explains that securities are restricted if there is there is a restriction on the freedom to sell the securities or if there is any contract, agreement, arrangement or condition which makes provision as to transfer, reversion or forfeiture if certain circumstances arise or do not arise or there is a restriction on the disposal of the securities.

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