Section 446Q | Application of this Chapter ^F1

(1)This Chapter applies if—

(a)no payment is made for employment-related securities at or before the time of the acquisition, or

(b)the payment made for employment-related securities at or before that time is less than their market value.

(2)For the purposes of subsection (1) any obligation to make a payment or further payment after the time of the acquisition is to be disregarded.

(3)Where the employment-related securities are, or are an interest in, securities which are not fully paid up, the reference in subsection (1) to the market value of the employment-related securities is to what it would be if the securities were fully paid up.

(4)If section 425(2) (no charge on acquisition of certain restricted securities or restricted interests in securities) applies in relation to the employment-related securities, this Chapter has effect as if the employment-related securities were not acquired until the occurrence of the first event which is a chargeable event for the purposes of section 426 in relation to the employment-related securities.

(5)This section is subject to section 446R (case outside this Chapter).