498 No charge on shares ceasing to be subject to plan in certain circumstances
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

498  No charge on shares ceasing to be subject to plan in certain circumstances

(1)     A participant is not liable to income tax on shares ceasing to be subject to the plan if—

(a)     they cease to be so subject on the participant ceasing to be in relevant employment, and

(b)     subsection (2) applies.

(2)     This subsection applies if the participant ceases to be in relevant employment—

(a)     because of injury or disability,

(b)     on being dismissed by reason of redundancy,

(c)     by reason of [a relevant transfer within the meaning of the Transfer of Undertakings (Protection of Employment) Regulations 2006],

(d)     if the relevant employment is employment by an associated company (see paragraph 95(2) of Schedule 2), by reason of a change of control or other circumstances ending that company's status as an associated company,

(e)     by reason of the participant's retirement . . ., or

(f)     on the participant's death.

[(3)     A participant is not liable to income tax on shares (“the relevant shares”) in a company (“the relevant company”) being withdrawn from the plan if—

(a)     the withdrawal of the relevant shares

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