Taxes Consolidation Act 1997 Schedule 11 paragraph 12A

Shares transferred from an employee share ownership trust (ESOT)

Paragraph 12A provides an exception to the normal eligibility rules in paragraph 12, allowing shares transferred from an employee share ownership trust (ESOT) to be appropriated to an individual who is, or recently was, a beneficiary of that ESOT.

• This paragraph overrides the standard eligibility conditions in paragraph 12 for shares that originate from an ESOT.
• The shares in question must have been transferred to the trustees of the profit sharing scheme by the trustees of an ESOT to which section 519 applies.
• The individual must be a beneficiary of that ESOT at the time of appropriation, or must have been a beneficiary at some point within the preceding 30 days.
• "Beneficiary" takes its meaning from paragraph 11 or paragraph 11A of Schedule 12, as applicable.