ÀÏ˾»úÎçÒ¹¸£Àû

The provisions relating to replacement and additional securities are designed to counter avoidance schemes. In particular, they are aimed at arrangements involving the issue of low-value shares, followed by a swamping bonus issue. It was then argued that, on the authority of Abbott, the bonus issue should be treated as deriving from ownership of the original shares rather than from the employment. Broadly, the anti-avoidance provisions work by deeming additional or replacement securities to be obtained by the same right or opportunity as the original securities. Thus the operation of ITEPA 2003, ss 422–460 (Pt 7, Chs 2–4A), which affect employment-related securities, is preserved.

The legislation applies where an associated person (defined in E4.507A) is entitled to employment-related securities (also defined in E4.507A) and either of two courses of action follows:

1. Ìý

   •ÌýÌýÌýÌý the employment-related securities (described as the 'original