the transfer of securities by the trustees, if the transfer is not a qualifying transfer;

the transfer of securities by the trustees to persons who are at the time of the transfer beneficiaries under the terms of the trust deed, if the terms on which the transfer is made are not qualifying terms;

the retention of securities by the trustees at the expiry of the F1qualifying period beginning with the date on which they acquired them;

the expenditure of a sum by the trustees for a purpose other than a qualifying purpose.

it is made to the trustees of a scheme which at the time of the transfer is a profit sharing scheme approved under Schedule 9 to the Taxes Act 1988, and

it is made for a consideration which is not less than the price the securities might reasonably be expected to fetch on a sale in the open market.

it is a transfer of relevant shares made to the trustees of the plan trust of F16a share incentive plan,

the plan is approved under F17Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 when the transfer is made, and

the consideration (if any) for which the transfer is made does not exceed the market value of the shares.

the trustees transfer or dispose of part of a holding of shares (whether by way of a qualifying transfer or otherwise), and

the holding includes any relevant shares,

“ original funds ” means any money held by the trustees of the employee share ownership trust in a bank or building society account at midnight on 20th March 2000, and

any payment made by the trustees after that time (whether to acquire shares or otherwise) shall be treated as made out of original funds (and not out of money received after that time) until those funds are exhausted.

all the securities transferred at the same time F5other than those transferred on a transfer such as is mentioned in subsection (4ZA) below are transferred on similar terms,

securities have been offered to all the persons who are beneficiaries under the terms of the trust deed F6by virtue of a rule which conforms with paragraph 4(2), (3) or (4) of Schedule 5 to this Act when the transfer is made, and

securities are transferred to all such F7persons who have accepted.

it is made to a person exercising a right to acquire shares, and

that right is being exercised in accordance with the provisions of that scheme, and

the consideration for the transfer is payable to the trustees.

seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;

twenty years, in the case of other trusts;

the acquisition of shares in the company which established the trust;

the repayment of sums borrowed;

the payment of interest on sums borrowed;

the payment of any sum to a person who is a beneficiary under the terms of the trust deed;

the meeting of expenses.

beginning with the qualifying transfer mentioned in that paragraph, and

ending nine months after the end of the period of account in which that qualifying transfer took place.

For this purpose the period of account means the period of account of the company that established the employee share ownership trust.

acquire securities when they become entitled to them (subject to the exceptions in subsection (9) below);

transfer securities to another person when that other becomes entitled to them;

retain securities if they remain entitled to them.

if securities are issued to trustees in exchange in circumstances mentioned in section F12135(1) of the Taxation of Chargeable Gains Act 1992, they shall be treated as having acquired them when they became entitled to the securities for which they are exchanged;

if trustees become entitled to securities as a result of a reorganisation, they shall be treated as having acquired them when they became entitled to the original shares which those securities represent (construing “reorganisation” and “original shares” in accordance with section F12126 of that Act).

shares;

debentures.