SCHEDULES
SCHEDULE 9Employment-related securities etc
PART 3Corporation tax relief for employee share acquisitions
44
1
Section 1016 (conditions relating to shares acquired) is amended as follows.
2
In subsection (1), omit the “or” at the end of paragraph (b) of Condition 2 and after paragraph (c) of that Condition insert
, or
d
shares within subsection (1A)
3
After subsection (1) insert—
1A
Shares are within this subsection if—
a
after the option is obtained, the company in which the shares are to be acquired (“the relevant company”) comes to be controlled by another company (“the takeover”),
b
immediately before the takeover, the shares were within any of paragraphs (a) to (c) of Condition 2,
c
as a result of the takeover, the shares cease to be within any of those paragraphs,
d
the shares are acquired pursuant to the option within the period of 90 days beginning with the day of the takeover, and
e
the avoidance of tax is not the main purpose (or one of the main purposes) of the takeover.