Taxes Consolidation Act 1997 Schedule 12A paragraph 14

Restriction on scheme shares

Paragraph 14 defines what constitutes a restriction on scheme shares for the purposes of paragraph 13(1)(c), and excludes restrictions that mirror the Model Code in the Listing Rules of the Irish Stock Exchange.

• Any contract, agreement, arrangement or condition that limits a participant's freedom to dispose of scheme shares, an interest in them, or the proceeds of their sale is treated as a restriction on the shares.
• Equally, any such arrangement that restricts the participant's freedom to exercise rights conferred by the shares counts as a restriction.
• An arrangement that causes a disposal or exercise of rights to result in a disadvantage to the participant, or to a connected person, is also treated as a restriction.
• However, provisions that are similar in purpose and effect to the Model Code set out in the Listing Rules of the Irish Stock Exchange are not treated as restrictions.