Taxation of Chargeable Gains Act 1992 (c. 12)

Part VII U.K. Other property, businesses, investments etc.

[F1 Employee-ownership trusts U.K.

Textual Amendments

F1 Ss. 236H-236U and cross-heading inserted (with effect in accordance with Sch. 37 para. 2 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 1 (with Sch. 37 paras. 3, 4)

236S Identification of shares where section 236H or 236Q applies U.K.

(1) This section applies where the trustees of a settlement hold—

(a) shares which were—

(i) acquired in circumstances where section 236H applied, or

(ii) the subject of a deemed acquisition under section 71(1) in circumstances where section 236Q applied,

and not subsequently disposed of and reacquired (“EOT exempt shares”), and

(b) other shares which, but for section 104(4A), would be shares of the same class as those shares.

(2) If the trustees dispose of some, but not all, of the shares so held, they may determine what proportion of the shares disposed of are EOT exempt shares (up to the number of such shares held).

(3) For the purposes of this section shares in a company are not to be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.

(4) Nothing in subsection (2) applies in relation to a disposal by virtue of section 236P(3).]