Finance Act, 2000

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Amendment of Schedule 11 (profit sharing schemes) to Principal Act.

25.—Schedule 11 to the Principal Act is amended by the insertion after paragraph 13 of the following:

“13A.—(1) Notwithstanding paragraph 13, an individual who has had shares appropriated to him or her in a year of assessment under an approved scheme established by a company (‘the first-mentioned company’) shall, subject to subparagraph (2), be entitled to have shares appropriated to him or her in that year of assessment under an approved scheme established by another company (‘the second-mentioned company’) if, in that year of assessment, the second-mentioned company acquires control, or is part of a consortium that acquires ownership, of the first-mentioned company under a scheme of reconstruction or amalgamation (within the meaning of section 587).

(2) Section 515 and paragraph 3(4) shall, subject to any necessary modification, apply as if the first-mentioned company and the second-mentioned company were the same company.

(3) This paragraph shall apply to an appropriation of shares made, on or after the date of the passing of the Finance Act, 2000, by the trustees of an approved scheme (within the meaning of section 510(1)).”.