Taxes Consolidation Act 1997 Schedule 11 paragraph 13A

Company takeover - shares under twn schemes allowed

Paragraph 13A of Schedule 11 allows an individual to receive appropriations of shares under two separate approved profit sharing schemes in the same tax year where a company takeover takes place.

• Where a company is taken over, an individual who has already received a share appropriation from the original company's approved scheme may also receive an appropriation from the acquiring company's approved scheme in the same tax year.
• The takeover must involve the second company acquiring control of, or being part of a consortium that acquires ownership of, the first company under a scheme of reconstruction or amalgamation.
• The normal aggregate limits on share appropriations — €12,700 (or €38,100 where shares were previously held in an employee share ownership trust) — apply across both appropriations as if the two companies were one.
• This provision applies to appropriations of shares made on or after 23 March 2000.

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