SCHEDULES

SCHEDULE 2Employee securities: anti-avoidance

Convertible securities

11

1

In section 443 (exception from charge under section 438 for certain company shares), for subsection (1A) substitute—

1A

This subsection is satisfied unless something which affects the employment-related securities has been done (at or before the time when section 438 would apply) as part of a scheme or arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax or national insurance contributions.

2

This paragraph has effect where something such as is mentioned in section 443(1A) of ITEPA 2003 has been done on or after 2nd December 2004.