We prove that every derivation and every locally nilpotent derivation of the subalgebra K[xn,xn−1y,…,xyn−1,yn], where n≥2, of the polynomial algebra K[x,y] in two variables over a field K of characteristic zero is induced by a derivation and a locally nilpotent derivation of K[x,y], respectively. Moreover, we prove that every automorphism of K[xn,xn−1y,…,xyn−1,yn] over an algebraically closed field K of characteristic zero is induced by an automorphism of K[x,y]. We also show that the group of automorphisms of K[xn,xn−1y,…,xyn−1,yn] admits an amalgamated free product structure.