Taxes Consolidation Act 1997 Schedule 11, paragraph 13B

Multiple appropriations - TSB Bank, ICC Bank plc, ACC Bank plc etc

Paragraph 13B of Schedule 11 provides an exception to the restriction on receiving share appropriations from more than one approved profit sharing scheme (APSS) in the same year, where the schemes are operated by a relevant company within the meaning of Schedule 12.

• Paragraph 13 normally prevents an employee from receiving share appropriations from two APSSs established by the same company in the same tax year — paragraph 13B disapplies this restriction for relevant companies (as defined in paragraph 1 of Schedule 12)
• Where an employee of a relevant company receives shares under an APSS within the same group, that appropriation is ignored for the purposes of the paragraph 13 restriction
• Despite this relaxation, the overall annual limits on appropriations still apply — generally €12,700, or €38,100 where shares are held in an employee share ownership trust
• Section 515 and paragraph 3(4) apply (with any necessary modifications) to the total value of all shares appropriated to the employee across all schemes in the year, ensuring the annual ceiling is respected