Yn ddilys o 06/04/2003
Termination of plan: shares acquired as mentioned in paragraph 9 but not yet awardedU.K.
12(1)This paragraph applies where the company has issued a plan termination notice under paragraph 89 of Schedule 2 to ITEPA 2003 (termination of plan).
(2)In a case where—
(a)by virtue of a payment made to the trustees by the company, the trustees acquire shares in the company, or a company which controls it,
(b)a deduction under paragraph 9 (deduction for contribution to plan trust) has been made in respect of that payment (and has not been withdrawn under paragraph 10), and
(c)not all the shares acquired by virtue of the payment have been awarded under the plan before issue of the plan termination notice,
an amount equal to the appropriate proportion of the deduction is treated as a trading receipt of the company for the period of account in which the plan termination notice is given.
(3)For the purposes of sub-paragraph (2), the appropriate proportion of the deduction is the proportion which the number of shares acquired by virtue of the payment and not awarded as specified in sub-paragraph (2)(c) bears to the total number of shares so acquired.