Securities are deemed to be employment-related if the opportunity to acquire them is made available by a person's employer, or a person connected with a person's employer, regardless of whether, as a matter of fact, the securities were acquired by reason of employment (with limited exceptions) (section 421B(3), ITEPA 2003). Securities acquired by directors of companies, whether or not the directors are also employees and whether or not the securities were acquired in respect of the individual's director duties, will be employment-related, because office holders are treated as employees for the purposes of ITEPA 2003 (Section 5, ITEPA 2003).