Taxes Consolidation Act, 1997
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PART 17 Profit Sharing Schemes and Employee Share Ownership Trusts | ||
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CHAPTER 1 Profit sharing schemes | ||
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Interpretation ( Chapter 1 ). [FA82 s50] |
509.—(1) In this Chapter and in Schedule 11 — | |
“the appropriate percentage”, in relation to any shares, shall be construed in accordance with section 511 (3); | ||
“approved scheme” shall be construed in accordance with section 510 (1); | ||
“the company concerned” has the meaning assigned to it by paragraph 3(1) of Schedule 11 ; | ||
“group scheme” and, in relation to such a scheme, “participating company” have the meanings respectively assigned to them by paragraph 3(2) of Schedule 11 ; | ||
“initial market value”, in relation to any shares, shall be construed in accordance with section 510 (2); | ||
“locked-in value”, in relation to any shares, shall be construed in accordance with section 512 (1); | ||
“market value”, in relation to any shares, shall be construed in accordance with section 548 ; | ||
“participant” shall be construed in accordance with section 510 (1)(a); | ||
“the period of retention” has the meaning assigned to it by section 511 (1)(a); | ||
“the release date” has the meaning assigned to it by section 511 (2); | ||
“shares” includes stock; | ||
“the trust instrument”, in relation to an approved scheme, means the instrument referred to in paragraph 3(3)(c) of Schedule 11 ; | ||
“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 shall provide as mentioned in paragraph 3(3) of Schedule 11 . | ||
(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 apply 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 513 shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 583 , and | ||
(c) nothing in any provision 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. |