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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Acquisition by trustees of shares from employee share ownership trust is up to date with all changes known to be in force on or before 02 October 2024. 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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78(1)The trust instrument must provide that, where there is a qualifying transfer of shares to the trustees, the shares—U.K.
(a)must not be awarded to participants under the plan as partnership shares, and
(b)must be included in any award of free or matching shares made after the date of the transfer in priority to other shares available for inclusion in that award.
(2)For the purposes of this paragraph there is a qualifying transfer of shares to the trustees if—
(a)relevant shares (as defined by section 69(3AC) of FA 1989) are transferred to them by the trustees of an employee share ownership trust, and
(b)the transfer is a qualifying transfer within section 69(3AA) of that Act (transfer of shares in, or shares purchased from money in, an employee share ownership trust immediately before 21st March 2000 [F1or, by virtue of section 142(2) of [F2FA] 2003, 27th November 2002]).
Textual Amendments
F1Words in Sch. 2 para. 78(2)(b) inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 142(3)
F2Word in Sch. 2 para. 78(2)(b) substituted (21.7.2009) by Finance Act 2009 (c. 10), s. 126(5)(b)
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