Finance Act, 1982

Assessment of trustees in respect of sums received.

57.—Where in connection with a direction to transfer the ownership of a participant's shares to which paragraph (c) of section 52 (1) applies, the trustees receive such a sum as is referred to in that paragraph—

(a) the trustees shall be chargeable to tax under Case IV of Schedule D in an amount equal to the appropriate percentage of the locked-in value of the shares at the time of the direction, and

(b) the amount on which the participant is to be charged to tax as a result of the transfer shall be deemed to be an amount from which tax has been deducted at the standard rate pursuant to the provisions of section 434 of the Income Tax Act, 1967 .