Paragraph 22

United Kingdom

(1)

This paragraph applies where, under an approved scheme, shares in, or securities of, a company are issued or transferred to trustees on terms which provide for the transfer of those shares or securities to persons by virtue of their being, or having been, registered producers.

(2)

The trust shall not be treated as a unit trust scheme for the purposes of F1the Tax Acts or section 99 of the Taxation of Chargeable Gains Act 1992 if it would not fall to be so treated were there disregarded—

(a)

any depreciatory effect of transfers under the approved scheme on a right to participate in a winding up of the board to which that scheme relates, and

(b)

any management of the trust property as a whole by or on behalf of the trustees.

Annotations

Textual amendments

F1: Words in Sch. 2 para. 22(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 362 (with Sch. 2)

Notes on Part I

Modifications

C1: Sch. 2 Pt. I modified (retrospectively) by 1996 c. 8, s. 203(1)