Income Tax (Earnings and Pensions) Act 2003

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19(1)Eligible shares must be—U.K.

(a)shares of a class listed on a recognised stock exchange,

(b)shares in a company which is not under the control of another company, F1...

[F2(ba)shares in a company which is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2), or]

(c)shares in a company which is under the control of a listed company.

(2)A “listed company” is a company whose shares are listed on a recognised stock exchange, other than—

(a)a close company, or

(b)a company that would be a close company if resident in the United Kingdom.

[F3(3)But a company is not a close company for the purposes of sub-paragraph (2) if it is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).]

Textual Amendments