SCHEDULES
SCHEDULE 2F1... share incentive plans
Part 4Types of shares that may be awarded
Requirement as to listing etc.
27
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, F4...
F2ba
shares in a company which is subject to an employee-ownership trust, 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.
F33
But a company is not a close company for the purposes of sub-paragraph (2) if it is subject to an employee-ownership trust.
4
A company (“C”) is “subject to an employee-ownership trust” if—
a
C meets the trading requirement set out in section 312D,
b
C meets the indirect employee-ownership requirement,
c
neither C, nor any other company which is a member of the same group of companies as C, is a service company, and
d
C is not under the control of another company (ignoring for this purpose another company acting in its capacity as the trustee of the settlement by virtue of which C meets the indirect employee-ownership requirement).
5
Section 312E (the indirect employee-ownership requirement) applies for the purposes of sub-paragraph (4), subject to the following modifications—
a
subsection (3) of that section has effect as if—
i
the words “during the qualifying period” were omitted, and
ii
in paragraph (a) for “10 December 2013” there were substituted “
1 October 2014
”
, and
b
subsection (4) has effect as if for paragraph (b) there were substituted—
b
section 236L of that Act applies as if the reference in subsection (1)(c) of that section to the period of 12 months ending with the time in question were a reference to any time on or after 1 October 2014.
6
Section 312G (meaning of “service company”) applies for the purposes of sub-paragraph (4)(c), subject to the following modifications—
a
in subsection (3)(b), the reference to the company which makes the payment is to be read as a reference to C,
b
in subsection (4)(a), the reference to the time the payment is made is to be read as a reference to any time, and
c
in subsection (4)(b), the reference to any time before the time the payment is made is to be read as a reference to any time.
Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)