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HMRC internal manual

Employment Related Securities Manual

Employment-related securities and options: certificates in respect of securities held by others

The definition of security also includes certificates and other instruments conferring rights in respect of securities held by persons other than the persons on whom the rights are conferred and the transfer of which may be effected without the consent of those persons (see ITEPA03/S420 (1)(d)).

For example a share may be held by a trust, with an employee having the power to direct that the voting power relating to that share will be exercised in accordance with the employee’s wishes.