Paragraph 128

United Kingdom

(1)

For the purposes of this Schedule “readily convertible asset” has the same meaning as in section 203F of the Taxes Act 1988 (PAYE: tradeable assets).

This is subject to sub-paragraph (2).

(2)

In determining for the purposes of this Schedule F1(and that section in its application in relation to shares which cease to be subject to a plan) whether shares are readily convertible assets any market for the shares that—

(a)

is created by virtue of the trustees acquiring shares for the purposes of the plan, and

(b)

exists solely for the purposes of the plan,

shall be disregarded.

Annotations

Textual amendments

F1: Words in Sch.8 para. 128(2) inserted (24.7.2002 with effect as mentioned in s. 39(7) of the amending Act) by 2002 c. 23, s. 39(6)(7)

Notes on Schedule 8

Textual amendments

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)