29 Employees

(1) An individual shall not be treated as a promoter for the purposes of Chapter 3 of Part 33 of the Principal Act where he or she is an employee of an employer who is—

(a) a promoter in relation to the transaction concerned, or

(b) a person who enters into any transaction forming part of a disclosable transaction where that person is required under section 817G of the Principal Act to provide the Revenue Commissioners with specified information in relation to the transaction.

(2) For the purposes of this Regulation an employee of a person who is connected (within the meaning of section 10 of the Principal Act) with another person shall be treated as an employee of that other person.