- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 24/09/2010
Point in time view as at 06/04/2007.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 20 is up to date with all changes known to be in force on or before 25 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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20(1)The majority of the issued shares of the same class as the eligible shares must be—U.K.
(a)employee-control shares, or
(b)open market shares,
unless the eligible shares are shares in a company whose ordinary share capital consists of shares of one class only.
(2)Shares in a company are “employee-control shares” if—
(a)the persons holding the shares are, by virtue of their holding, together able to control the company, and
(b)those persons are or have been employees or directors of the company or of another company which is under the control of the company.
(3)Shares in a company are “open market shares” if the persons holding the shares are not—
(a)persons who acquired their shares as a result of a right conferred on them or an opportunity afforded to them as a director or employee of the scheme organiser or any other company, and not as a result of an offer to the public, or
(b)trustees holding shares on behalf of persons who acquired their beneficial interests in the shares as mentioned in paragraph (a), or
(c)in the case of shares which—
(i)are not of a class listed on a recognised stock exchange, and
(ii)are in a company which is under the control of a listed company (as defined by paragraph 17(2)),
companies which have control of the company whose shares are in question or of which that company is an associated company.
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