a transaction which results in a new holding being equated with the original holding for the purposes of capital gains tax, or

a transaction that would have that result but for the fact that what would be the new holding consists of or includes a qualifying corporate bond,

redeemable shares or securities issued as mentioned in section 209(2)(c) of the Taxes Act 1988;

share capital issued in circumstances such that section 210(1) of that Act applies;

share capital to which section 249 of that Act applies.

a company reconstruction shall be treated as not involving a disposal of shares comprised in the original holding,

the date on which any new shares are to be treated as having been awarded to the participant shall be that on which the corresponding shares were awarded,

the conditions in Part VIII shall be treated as fulfilled with respect to any new shares if they were (or were treated as) fulfilled with respect to the corresponding shares, and

the provisions of Part X (income tax) and Part XI (capital gains tax) shall apply in relation to the new shares as they would have applied to the corresponding shares.

Where the corresponding shares were dividend shares, the reference in paragraph (b) to the shares being awarded shall be read as a reference to the shares being acquired on behalf of the participant.

identical to the shares in respect of which the rights were conferred, and

appropriated to, or acquired on behalf of, the participant under the plan in the same way and at the same time as those shares.

This is subject to sub-paragraphs (2) to (4).

any shares, securities or rights allotted are not plan shares, and

sections 127 to 130 of the Taxation of Chargeable Gains Act 1992 shall not apply in relation to them.

any shares, securities or rights allotted are not plan shares, and

sections 127 to 130 of the Taxation of Chargeable Gains Act 1992 shall not apply in relation to them.

information about the administration of a plan and any proposed alteration of the terms of a plan.

a contravention in relation to the operation of the plan of any of the requirements of this Schedule, the plan itself or the plan trust;

any alteration being made in a key feature of the plan, or in the terms of the plan trust, without the approval of the Inland Revenue;

if the plan provides for performance allowances in accordance with paragraph 30 (method two), the setting, in respect of an award of shares, of performance targets that, at the time they are set in accordance with the plan, cannot reasonably be viewed as being comparable;

any alteration being made in the share capital of the company whose shares are the subject of the plan, or in the rights attaching to any shares of that company, that materially affects the value of participants’ plan shares;

shares of a class of which shares have been awarded to participants receiving different treatment in any respect from the other shares of that class;

the trustees, the company or, in the case of a group plan, a company which is or has been a participating company failing to furnish any information which they are or it is required to furnish under paragraph 117.

an alteration is an alteration of a “key feature" of the plan if it relates to a provision that is necessary in order to meet the requirements of this Schedule; and

the Inland Revenue shall not withhold their approval unless it appears to them that the plan as proposed to be altered would not now be approved on an application under paragraph 4.

the dividend payable;

repayment;

the restrictions attaching to the shares; or

any offer of substituted or additional shares, securities or rights of any description in respect of the shares.

This is subject to sub-paragraph (6).

on the ground only that shares which have been newly issued receive, in respect of dividends payable with respect to a period beginning before the date on which they were issued, treatment less favourable than that accorded to shares issued before that date.

to withdraw approval of an employee share ownership plan, or

to give a direction under paragraph 113 (withdrawal of corporation tax deductions on withdrawal of approval), or

to refuse approval under paragraph 118(2)(b) (approval of alteration of plan or plan trust).

the Inland Revenue,

the trustees, and

the end of the notice period, or

if later, the first date on which the shares may be removed from the plan without giving rise to a charge to income tax under Part X of this Schedule on the participant on whose behalf they are held.

Paragraph 46 (repayment of partnership share money) and paragraph 58(2) (cash dividend paid over if not reinvested) provide for the payment to employees of money held on their behalf.

transferring the shares to the participant on behalf of whom they are held, or to another person, at his direction, or

disposing of the shares and accounting (or holding themselves ready to account) for the proceeds to the participant or to another person at his direction.

they are transferred by the trustees to the participant, or another person, on the direction of the participant,

the participant assigns, charges or otherwise disposes of his beneficial interest in the shares, or

they are disposed of by the trustees, on the direction of the participant, in circumstances where the trustees account (or hold themselves ready to account) for the proceeds to the participant or to another person.

they are withdrawn from the plan,

the participant to whom the shares were awarded ceases to be in relevant employment at a time when the shares are subject to the plan, or

the trustees dispose of the shares under provision made in accordance with paragraph 73 (meeting PAYE obligations).

where there was no accumulation period, the period beginning with the deduction of the partnership share money and ending with the acquisition date (within the meaning of paragraph 40(2)); and

where there was an accumulation period, the period beginning with the end of that period and ending immediately before the acquisition date (within the meaning of paragraph 42(3)).

shares shall be taken to cease to be subject to the plan in the order in which they were awarded to the participant under the plan,

where shares are awarded to the participant on the same day, the shares shall be treated as ceasing to be subject to the plan in the order which gives rise to the lowest charge to income tax on the participant.

one has control of the other, or

both are under the control of the same person or persons.

the jointly owned company, and

any company controlled by that company.

This paragraph does not apply for the purposes of paragraph 61(b) (requirement that plan shares are in a company not under another company’s control).

of which 50% of the issued share capital is owned by one person and 50% by another, and

which is not controlled by any one person.

be a participating company in more than one group plan, or

if the jointly owned company or any other company controlled by it is a participating company in a group plan, be a participating company in a different group plan.

is created by virtue of the trustees acquiring shares for the purposes of the plan, and

exists solely for the purposes of the plan,

which between them beneficially own not less than three-quarters of the other company’s ordinary share capital, and

each of which beneficially owns not less than one-twentieth of that capital.