[236H Disposals to employee-ownership trusts]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[Employee-ownership trusts]

[236H  Disposals to employee-ownership trusts]

[(1)     This section applies where—

(a)     a person other than a company (“P”) disposes of any ordinary share capital of a company (“C”) to the trustees of a settlement,

(b)     the relief requirements are met, and

(c)     P makes a claim under this section.

(2)     Section 17(1) (disposals and acquisitions treated as made at market value) does not apply to the disposal.

(3)     The disposal, and the acquisition by the trustees, are to be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.

(4)     “The relief requirements” are—

(a)     that C meets the trading requirement (see section 236I)

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