SCHEDULE 10 Further Provisions Relating to Profit Sharing Schemes
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

SCHEDULE 10 Further Provisions Relating to Profit Sharing Schemes

Section 186

Limitations on contractual obligations of participants

1

(1)     Any obligation placed on the participant by virtue of paragraph 2(2) of Schedule 9 shall not prevent the participant from—

(a)     directing the trustees to accept an offer for any of his shares (“the original sharesâ€) if the acceptance or agreement will result in a new holding being equated with the original shares for the purposes of capital gains tax; or

(b)     directing the trustees to agree to a transaction affecting his shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting—

(i)     all the ordinary share capital of the company in question or, as the case may be, all the shares of the class in question; or

(ii)     all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in an approved scheme; or

(c)     directing the trustees to accept an offer of cash, with or without other assets,

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