Paragraph 8 C1

United Kingdom

The trust deed may provide that the trustees may acquire securities otherthan shares in the founding company—

(a)

if they are securities issued to the trustees in exchange in circumstancesmentioned in section [F1135(1) of the M1Taxation of Chargeable Gains Act1992], or

(b)

if they are securities acquired by the trustees as a result of areorganisation, and the original shares the securities represent are sharesin the founding company (construing “reorganisation” and “originalshares” in accordance with section 126 of that Act).

Annotations

Textual amendments

F1: Words in Sch. 5 para. 8 substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 19(5) (with s. 60, 101(1), 201(3))

Marginal citations

M1: 1992 c. 12.

Modifications

C1: See Finance Act 1990 (c. 29) ss.31–40—roll-over relief for disposal of shares to employeeshare ownership trusts

Notes on Schedule 5

Modifications

C1: Sch. 5 applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the applying Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 228(7), 235(8), 289 (with ss. 60, 101(1), 171, 201(3))