Section 1008 Conditions relating to shares acquired

(1)

Each of the following conditions must be met in relation to the shares acquired.

Condition 1

The shares are ordinary shares that are fully paid-up and not redeemable.

Condition 2

The shares are—

(a)

shares of a class listed on a recognised stock exchange,

(b)

shares in a company that is not under the control of another company, or

(c)

shares in a company that is under the control of a listed company.

Condition 3

The shares are shares in—

(a)

the employing company,

(b)

a company that, when the shares are acquired, is a parent company of the employing company,

(c)

a company that, when the shares are acquired, is a member of a consortium that owns the employing company,

(d)

a company that, when the shares are acquired, is a member of a consortium that owns a parent company of the employing company, or

(e)

a company within subsection (2).

(2)

A company (“company A”) is within this subsection if when the shares are acquired—

(a)

the employing company or a parent company of the employing company is a member of a consortium that owns another company (“company B”), and

(b)

company A is—

(i)

a member of that consortium or a parent company of a member of that consortium, and

(ii)

a member of the same commercial association of companies as company B.

Notes on Part 12

C1: Pt. 12 applied by 2010 c. 8, s. 425(5) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))