Section 449 | Case outside this Chapter ^F1

(1)This Chapter does not apply if—

(a)the employment-related securities are shares (or an interest in shares) in a company of a class,

(b)a similar benefit is received by the owners of all the company’s shares of the class,

(ba)subsection (1A) is satisfied, and^F2

(c)subsection (2) or (3) is satisfied.

(1A)This subsection is satisfied unless something which affects the employment-related securities has been done 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.^F3

(2)This subsection is satisfied if, immediately before the receipt of the benefit, the company is employee-controlled by virtue of holdings of shares of the class.

(3)This subsection is satisfied if, immediately before the receipt of the benefit, the majority of the company’s shares of the class are not employment-related securities.^F4

(4)Repealed