(Except Clauses 1, 4, 5, 9, 14, 22, 42, 56, 57, 124, 130 to 135, 138, 139, 148 and 184 and Schedules 5, 6, 19 and 25, and any new Clauses and Schedules tabled by Friday 9th May 2003 relating to excise duty on spirits or RÿD tax credits for oil exploration.) - Schedule 22 - Employee securities and options
Finance Bill
3:15 pm
Ms Dawn Primarolo (Paymaster General, HM Treasury; Bristol South, Labour)
That is not the advice that has been given to me, and I congratulate the hon. Gentleman on managing to connect all those provisions. It goes to show that when one applies oneself, it is not quite as difficult as some may think.
Perhaps the issue should be considered the other way round, although the hon. Gentleman got the chain right. Section 421 gives a list of financial instruments that are included in the list of securities. That list is then qualified by new section 420(5)(e) which provides that if the instrument that would otherwise be a security is a right to acquire another security the instrument is excluded. That ensures that the receipt of an option is not covered by chapters 2 to 4 because it is specifically covered in chapter 5.