Part 1 Capital Gains Tax Relief
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 37 Companies Owned by Employee-ownership Trusts

Section 290

Part 1 Capital Gains Tax Relief

Relief on disposals to employee-ownership trusts

1

In Part 7 of TCGA 1992 (other property, businesses, investments etc), after section 236G insert—

“Employee-ownership trusts
236H Disposals to employee-ownership trusts

(1)     This section applies where—

(a)     a person other than a company (“Pâ€) disposes of any ordinary share capital of a company (“Câ€) to the trustees of a settlement,

(b)     the relief requirements are met, and

(c)     P makes a claim under this section.

(2)     Section 17(1) (disposals and acquisitions treated as made at market value) does not apply to the disposal.

(3)     The disposal, and the acquisition by the trustees, are to be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.

(4)     “The relief requirements†are—

(a)     that C meets the trading requirement (see section 236I) at the time of the disposal and continues to meet that requirement for the remainder of the tax year in which that time falls,

(b)     that the settlement meets the all-employee benefit requirement at

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Serving outside the jurisdiction with court permission—application and order

This Practice Note addresses issues when serving out of the jurisdiction and the permission of the court is required. It explains how to make an application and the form of order required. An application to serve out of the jurisdiction is generally made without notice and on the papers. Key

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

The tort of deceit

The tort of deceitDeceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they

LEXISNEXIS

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and