10(1)In section 440 (amount of charge under section 438), after subsection (3) insert—U.K.
“(3A)If (because of subsection (2) of section 437) subsection (1) of that section did not apply in relation to the employment-related securities, the taxable amount is to be reduced by the amount by which—
(a)the market value of the employment-related securities for the purposes specified in that subsection, exceeded
(b)what it would have been had that subsection applied,
(less the aggregate of any amount by which the taxable amount on any previous chargeable event relating to the employment-related securities has been reduced under this subsection).”
(2)This paragraph has effect on and after 2nd December 2004.