CG61973 - : Roll-over relief on transfer of shares to Share Incentive Plan: disposal conditions: eligible shares
To qualify for relief, the disposal must be of shares or interests in shares that are:
- not listed on a recognised stock exchange
- not shares in a company under the control of another company whose shares are listed on a recognised stock exchange; and
- satisfy the requirements in ITEPA03/SCH2.
To satisfy the requirements in ITEPA03/SCH2 the shares must be:
- ordinary share capital of:
- a company which is not under the control of another company and is not a “service company”. A “service company” is one whose business is substantially the provision of the services of its employees to businesses, including partnerships, which control the company, or to associated companies; and
- the company that established the Share Incentive Plan, or of a company controlling it, or of a consortium member owning the company or its parent
- fully paid up
- non-redeemable (except for shares in a workers’ co-operative); and
- broadly not subject to any restrictions, other than those affecting all the ordinary shares in the company, or those involving voting or pre-emption rights.