SCHEDULE 8
Part X Income tax
Circumstances in which there is no charge on shares ceasing to be subject to plan
87
(1)
There is no charge to tax on shares ceasing to be subject to the plan on the occurrence of any of the following events.
(2)
Those events are the participant ceasing to be in relevant employment—
(a)
because of injury or disability;
(b)
on being dismissed by reason of redundancy;
(c)
by reason of a transfer to which the M1Transfer of Undertakings (Protection of Employment) Regulations 1981 apply;
(d)
by reason of a change of control or other circumstances ending the associated company status of the company by which he is employed;
(e)
by reason of his retirement on or after he reaches retirement age; or
(f)
on his death.
(3)
In sub-paragraph (2)(b) “redundancy” has the same meaning as in the M2Employment Rights Act 1996 or the M3Employment Rights (Northern Ireland) Order 1996.
(4)
In sub-paragraph (2)(e) “retirement age” means the retirement age specified in the plan, which—
(a)
must be the same for men and women, and
(b)
must be not less than 50.