Finance Act, 1982
Chapter IX Profit Sharing Schemes | ||
Interpretation ( Chapter IX ). |
50.—(1) In this Chapter and in the Third Schedule — | |
“the appropriate percentage”, in relation to any shares, shall be construed in accordance with section 52 (8); | ||
“approved scheme” shall be construed in accordance with section 51 (2); | ||
“the company concerned” has the meaning assigned to it by paragraph 1 (1) of the Third Schedule ; | ||
“group scheme” and, in relation to such a scheme, “participating company” have the meanings assigned by paragraph 1 (2) of that Schedule; | ||
“initial market value”, in relation to any shares, shall be construed in accordance with section 51 (4); | ||
“locked-in value”, in relation to any shares, shall be construed in accordance with section 53 (2); | ||
“market value”, in relation to any shares, has the meaning assigned to it by section 49 of the Capital Gains Tax Act, 1975 ; | ||
“ordinary share capital” has the meaning assigned to it by section 155 of the Corporation Tax Act, 1976 ; | ||
“participant” shall be construed in accordance with section 51 (2) (a); | ||
“the period of retention” has the meaning assigned to it by section 52 (5); | ||
“the release date” has the meaning assigned to it by section 52 (7); | ||
“shares” includes stock; | ||
“the trust instrument”, in relation to an approved scheme, means the instrument referred to in paragraph 1 (3) (c) of the Third Schedule ; | ||
“the trustees”, in relation to an approved scheme or a participant's shares, means the body of persons for the establishment of which the scheme must provide as mentioned in paragraph 1 (3) of the Third Schedule . | ||
(2) Any provision of this Chapter with respect to— | ||
(a) the order in which any of a participant's shares, are to be treated as disposed of for the purposes of this Chapter, or | ||
(b) the shares in relation to which an event is to be treated as occurring for any such purpose, | ||
shall have effect notwithstanding any direction given to the trustees with respect to shares of a particular description or to shares appropriated to the participant at a particular time. | ||
(3) For the purposes of capital gains tax— | ||
(a) no deduction shall be made from the consideration for the disposal of any shares by reason only that an amount determined under this Chapter is chargeable to income tax; | ||
(b) any charge to income tax by virtue of section 54 shall be disregarded in determining whether a distribution is a capital distribution within the meaning of paragraph 1 of Schedule 2 to the Capital Gains Tax Act, 1975 ; and | ||
(c) nothing in any such provision as is referred to in subsection (2) shall affect the rules applicable to the computation of a gain accruing on a part disposal of a holding of shares or other securities which were acquired at different times. |