Paragraph 19

United Kingdom

(1)

Eligible shares must be—

(a)

shares of a class listed on a recognised stock exchange,

(b)

shares in a company which is not under the control of another company, F1...

F2(ba)

shares in a company which is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2), or

(c)

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

(2)

A “listed company” is a company whose shares are listed on a recognised stock exchange, other than—

(a)

a close company, or

(b)

a company that would be a close company if resident in the United Kingdom.

F3(3)

But a company is not a close company for the purposes of sub-paragraph (2) if it is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).

Annotations

Textual amendments

F1: Word in Sch. 3 para. 19(1)(b) omitted (1.10.2014) by virtue of Finance Act 2014 (c. 26), Sch. 37 para. 20(2)(4)
F2: Sch. 3 para. 19(1)(ba) inserted (1.10.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 20(2)(4)
F3: Sch. 3 para. 19(3) inserted (1.10.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 20(3)(4)

Notes on Schedule 3

Textual amendments

F1: Word in Sch. 3 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 103, 146 (with Sch. 8 paras. 147-157)