[430A Application of this Chapter where securities exchanged for further securities]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[Supplementary]

[430A  Application of this Chapter where securities exchanged for further securities]

[(1)     This section applies if—

(a)     an associated person disposes of the employment-related securities (“the old securities”) for consideration, otherwise than to another associated person,

(b)     the whole or part of the consideration consists of, or includes, other securities which are restricted securities (“the new securities”) being acquired by an associated person,

(c)     the value of the consideration determined in accordance with subsection (2) is no more than what would have been the market value of the old securities immediately before the disposal but for any restrictions, and

(d)     the avoidance of tax or national insurance contributions is not the main purpose (or one of the main purposes) of the disposal.

(2)     The value of the consideration is the sum of—

(a)     what would have been the market value of the new securities immediately before the disposal but for any restrictions, and

(b)     the value of the rest of the consideration (if any).

(3)     If the consideration consists partly of the new securities and partly of other consideration, the disposal is to be treated for the purposes of this Chapter as being two separate disposals as follows—

(a)

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