SCHEDULES

SCHEDULE 22Employee securities and options

25Consequential amendments

1

Section 227(4) (employment income: exemptions) is amended as follows.

2

For paragraphs (a) and (b) substitute—

a

section 425 (restricted securities: no charge in respect of acquisition in certain circumstances),

b

section 475 (no charge in respect of acquisition of securities option),

3

Omit paragraphs (d), (f) and (h).

4

This paragraph has effect—

a

so far as relating to section 425, in accordance with the provision made for the substitution of Chapter 2 of Part 7, and

b

otherwise, in accordance with the provision made for the substitution of Chapter 5 of Part 7.