Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Shares must be fully paid up and not redeemable is up to date with all changes known to be in force on or before 06 March 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.
28(1)Eligible shares must be—U.K.
(a)fully paid up, and
(b)not redeemable.
(2)For the purposes of sub-paragraph (1)(a) shares are not to be regarded as fully paid up if there is an undertaking to pay cash at a future date to the company whose shares they are.
(3)For the purposes of sub-paragraph (1)(b) “redeemable” shares include shares that may become redeemable at a future date.
(4)Sub-paragraph (1)(b) does not apply to shares in [F1a registered co-operative society].
[F2(5)In sub-paragraph (4) “registered co-operative society” means—
(a)a society registered as a co-operative society under the Co-operative and Community Benefit Societies Act 2014,
(b)a pre-commencement society (within the meaning of that Act) that is a co-operative society within the meaning of section 2 of that Act,
(c)a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 that is a co-operative society within the meaning of section 1 of that Act , or
(d) an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society.]
Textual Amendments
F1Words in Sch. 2 para. 28(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 82(2) (with Sch. 5)
F2Sch. 2 para. 28(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 82(3) (with Sch. 5) (as amended by Finance Act 2014 (c. 26), Sch. 39 paras. 8, 15)
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