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Income and Corporation Taxes Act 1988, Paragraph 30 is up to date with all changes known to be in force on or before 09 February 2025. 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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30(1)M1The scheme must provide for the establishment of a body of persons resident in the United Kingdom (“the trustees”)—U.K.
(a)who, out of moneys paid to them by the grantor or, in the case of a group scheme, a participating company, are required by the scheme to acquire shares in respect of which the conditions in paragraphs 10 to 12 and 14 above are fulfilled; and
(b)who are under a duty to appropriate shares acquired by them to individuals who participate in the scheme, not being individuals who are ineligible by virtue of paragraph 8 or 35 of this Schedule; and
(c)whose functions with respect to shares held by them are regulated by a trust which is constituted under the law of a part of the United Kingdom and the terms of which are embodied in an instrument which complies with the provisions of paragraphs 31 to 34 below.
(2)M2If at any time after the Board have approved the scheme, an alteration is made in the terms of the trust referred to in sub-paragraph (1)(c) above, the approval shall not have effect after the date of the alteration unless the Board have approved the alteration.
(3)M3The scheme must provide that the total of the initial market values of the shares appropriated to any one participant in a year of assessment will not exceed the relevant amount.
(4)M4In this Part of this Schedule “initial market value”, in relation to a participant’s shares, means the market value of those shares determined—
(a)except where paragraph (b) below applies, on the date on which the shares were appropriated to him; and
(b)if the Board and the trustees agree in writing, on or by reference to such earlier date or dates as may be provided for in the agreement.
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