69 Chargeable events
Finance Act 1989 (1989 c 26) | Legislation

69  Chargeable events

(1)     For the purposes of section 68 above each of the following is a chargeable event in relation to the trustees of an employee share ownership trust—

(a)     the transfer of securities by the trustees, if the transfer is not a qualifying transfer;

(b)     the transfer of securities by the trustees to persons who are at the time of the transfer beneficiaries under the terms of the trust deed, if the terms on which the transfer is made are not qualifying terms;

(c)     the retention of securities by the trustees at the expiry of the [qualifying period] beginning with the date on which they acquired them;

(d)     the expenditure of a sum by the trustees for a purpose other than a qualifying purpose.

[(e)     where—

(i)     the trustees make a qualifying transfer within subsection (3AA) below for a consideration, and

(ii)     they do not, during the period specified in subsection (5A) below, expend a sum of not less than the amount of that consideration for one or more qualifying purposes,

the expiry of that period.]

(2)     For the purposes of subsection (1)(a) above a transfer is a qualifying transfer if it is made to

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