13 Employment schemes

(1) This Regulation applies to a transaction where a tax advantage is obtained, or might be expected to be obtained, by virtue of the transaction by way of a reduction in, or deferment of, liability to tax, by the employer or the employee or by any other person by reason of the employee's employment—

(a) where the tax advantage relates to employment income, in any year of assessment, or

(b) in any other case, in any period of account.

(2) For the purposes of paragraph (1) “employment income” means salaries, fees, wages, perquisites, benefits or profits (by whatever name called, including expenses) from an office or employment.

(3) Notwithstanding paragraph (1) and without prejudice to Regulations 8 and 9, a transaction shall not be a transaction of a kind described in this Regulation where it is a transaction of a kind specified in the Schedule.