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4. In regulation 19 of the principal Regulations (payments to be disregarded)—
(a)for sub-paragraphs (k) and (l)(1) of paragraph (1) there shall be substituted the following sub-paragraphs—
“(k)a payment by way of shares where such shares—
(i)form part of the ordinary share capital of—
(aa)a company (aa) the secondary contributor, or
(bb)company which has control of that secondary contributor, or
(cc)a company which either is, or has control of, a body corporate which is a member of a consortium owning either that secondary contributor or a body corporate having control of that secondary contributor, and
(ii)are either—
(aa)appropriated under a profit sharing scheme to which the provisions of section 186 of the Income and Corporation Taxes Act 1988 (approved profit sharing schemes) apply, or
(bb)non-tradeable shares;
(l)a payment by way of an option to acquire shares where such option is—
(i)a right obtained in accordance with the provisions of a scheme approved under Schedule 9 to the Income and Corporation Taxes Act 1988(2) (approved share option schemes and profit sharing schemes) for the purposes of section 185 of that Act (approved share option schemes), or
(ii)a right to acquire shares which are non-tradeable shares and is a non-tradeable option;”;
(b)sub-paragraph (f) of paragraph (7)(3) shall be omitted;
(c)at the end of paragraph (7) there shall be added the following sub-paragraph—
“(g)a payment by way of shares appropriated under a profit sharing scheme to which the provisions of section 186 of the Income and Corporation Taxes Act 1988 (approved profit sharing schemes) apply includes a payment derived from such shares.”;
(d)after paragraph (7) there shall be added the following paragraph—
“(8) For the purposes of paragraph (1)(k) and (l) of this regulation—
(a)a share or option is non-tradeable if at the time when the payment is made that share or option is incapable of being sold or otherwise realised on a recognised investment exchange within the meaning of section 207(1) of the Financial Services Act 1986(4) (interpretation) and no trading arrangements exist in respect of it;
(b)“shares” include stock.”.
Sub-paragraphs (k) and (l) were added by S.R. 1991 No. 490
Schedule 9 was amended by sections 137 and 162 of, and Schedule 29 to, the Finance Act 1995 (c. 4) and paragraph 35(4)(a) of Schedule 1 to the Employment Rights Act 1996 (c. 18)
Paragraph (7) was added by S.R. 1991 No. 490
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