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FA22/SCH2/PARA49

PARA 49 ensures that the transactions in securities rules contained in ITA07/PT13/CH1 do not apply in many cases where a QAHC is involved.

With the exception below, where the rules would only apply because of a person being party to one or more transactions in QAHC securities, they are disapplied.

»Ê¹ÚÌåÓýapp transactions in securities rules apply as normal to persons who are party to one or more transactions in QAHC securities where those securities are ‘qualifying employment-related securities. This may be the case where the holder of the securities is an employee of the QAHC or an investee company of the QAHC. Holders of qualifying employment-related securities are not entitled to receive share buyback proceeds from a QAHC as capital, so it is necessary to apply the transactions in securities rules normally to them to prevent avoidance via forms of indirect buyback.