SCHEDULE 24 EMI Options and Entrepreneurs' Relief etc
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 24 EMI Options and Entrepreneurs' Relief etc

Section 64

Entrepreneurs' relief to apply to shares acquired under EMI option

1

(1)     In Chapter 3 of Part 5 of TCGA 1992 (entrepreneurs' relief) section 169I (material disposal of business assets) is amended as follows.

(2)     In subsection (5) for “or B†substitute “, B, C or Dâ€.

(3)     After subsection (7) insert—

“(7A)     Condition C is that—

(a)     the assets disposed of are relevant EMI shares,

(b)     the option grant date is, or is before, the first date of the period of 1 year ending with the date of the disposal, and

(c)     throughout that period of 1 year—

(i)     the company is either a trading company or the holding company of a trading group, and

(ii)     the individual is an officer or employee of the company or (if the company is a member of a trading group) of one or more companies which are members of the trading group.

(7B)     Condition D is that—

(a)     the assets disposed of are relevant EMI shares acquired by the individual before the cessation date,

(b)     the option grant date is, or is before, the first date

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