Part 7Employment income: income and exemptions relating to securities
F1Chapter 2Restricted securities
Tax charge on post-acquisition chargeable events
F2431BSecurities 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
F3(a)
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 F4, and
F5(b)
at the time of the acquisition, the earnings from the employment are (or would be if there were any) general earnings to which any of the charging provisions of Chapters 4 and 5 of Part 2 applies.