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Amendment of section 128D (tax treatment of directors of companies and employees who acquire restricted shares) of Principal Act.
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17.— (1) Section 128D of the Principal Act is amended—
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(a) in subsection (1) by inserting the following after the definition of “ director” and “employee”—
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“ ‘EEA Agreement’ means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by all subsequent amendments to that Agreement;
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‘EEA state’ means a state, other than the State, which is a Contracting Party to the EEA Agreement;”,
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(b) in subsection (1) in the definition of “specified period” by substituting “subsection (3)(a);” for “subsection (3)(a).” and by inserting the following after that definition:
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“ ‘trust’ means a trust established in the State or in an EEA state and the trustees of which are resident in the State or in an EEA state.”,
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(c) in subsection (4)—
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(i) by substituting “amount chargeable to income tax” for “charge to income tax” in both places where it occurs, and
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(ii) in the meaning assigned to “A” in the formula in paragraph (a) by substituting “the income chargeable to tax” for “the income tax charge”,
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(d) in subsection (5)—
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(i) by substituting “an amount chargeable to income tax” for “a charge to income tax”,
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(ii) by substituting “the amount chargeable to income tax” for “the income tax charge”, and
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(iii) by substituting “Income Tax Acts” for “Income Taxes Acts”,
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and
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(e) in subsection (6)—
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(i) by substituting “an amount chargeable to income tax” for “a charge to income tax”, and
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(ii) by substituting “the amount chargeable to income tax” for “the amount of the income tax charge”.
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(2) (a) Paragraphs (a) and (b) of subsection (1) apply to shares acquired on or after 4 February 2010.
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(b) Paragraphs (c), (d) and (e) of subsection (1) apply to shares acquired on or after 20 November 2008.
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