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Employee share schemes.
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10.— The Principal Act is amended—
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(a) in section 479 by inserting the following after subsection (8):
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“(9) The deduction authorised by subsection (2) shall not be made in respect of eligible shares where those shares are subscribed for on or after 8 December 2010.”,
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(b) in section 519D by inserting the following after subsection (7):
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“(8) The exemption from income tax authorised by subsection (2) in respect of the receipt of the right referred to in subsection (1) shall not apply where the right is received on or after 24 November 2010.
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(9) The exemption from income tax authorised by subsection (3) in respect of any gain realised by the exercise of the right referred to in subsection (1) shall not apply where the gain from the exercise of the right is realised on or after 24 November 2010.”,
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(c) in section 985A(1A) by substituting “Subject to subsection (1B), subsection (1)” for “Subsection (1)”, and
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(d) in section 985A by inserting the following after subsection (1A):
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“(1B) Subsection (1A) shall not apply to shares or stock referred to in that subsection received on or after 1 January 2011.”.
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