Finance (No. 2) Act 2005

7(1)After section 431A insert—U.K.

431BSecurities acquired for purpose of avoidance

Where employment-related securities are restricted securities or a restricted interest in securities, the employer and the employee are to be treated as making an election under section 431(1) in relation to the employment-related securities if the main purpose (or one of the main purposes) of the arrangements under which the right or opportunity to acquire the employment-related securities is made available is the avoidance of tax or national insurance contributions.

(2)This paragraph has effect in relation to employment-related securities acquired on or after 2nd December 2004.