{
  "url": "https://openlegislation.uk/finance-act-2020/schedule-3/paragraph-4",
  "json_url": "https://openlegislation.uk/finance-act-2020/schedule-3/paragraph-4.json",
  "legislation": "ukpga/2020/14",
  "legislation_title": "Finance Act 2020",
  "legislation_url": "https://openlegislation.uk/finance-act-2020",
  "path": "schedule/3/paragraph/4",
  "kind": "paragraph",
  "number": "4",
  "heading": null,
  "text": "(1) This paragraph applies where—\n(a) on or after 6 April 2019 but before 11 March 2020, there is a reorganisation, and\n(b) on 11 March 2020—\n(i) the company is the relevant individual's personal company and is either a trading company or the holding company of a trading group, and\n(ii) the relevant individual is an officer or employee of the company or (if the company is a member of a trading group) of one or more companies which are members of the trading group.\n(2) In sub-paragraph (1) “the relevant individual” means—\n(a) where a claim under section 169M of TCGA 1992 is made jointly by the trustees of a settlement and a qualifying beneficiary, the qualifying beneficiary;\n(b) where a claim under that section is made by an individual, the individual.\n(3) Where an election in respect of the reorganisation is made under section 169Q of TCGA 1992 (reorganisations: disapplication of section 127) on or after 11 March 2020, the disposal of the original shares is to be treated for the purposes of paragraph 2 as taking place at the time of the election and not at the time of the reorganisation.\n(4) References in this paragraph to a reorganisation do not include an exchange of shares or securities which is treated as a reorganisation by virtue of section 135 or 136 of TCGA 1992 (but see paragraph 5).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2020/14/schedule/3/paragraph/4",
    "retrieved_at": "2026-10-29T09:01:44.314864+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}