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Income Tax (Earnings and Pensions) Act 2003

Paragraph 88: Treatment of shares acquired under rights issue

3209.This paragraph contains provisions that apply where the trustees exercise rights arising under a rights issue. The paragraph derives from paragraph 116 of Schedule 8.

3210.The order in which the material is presented has been changed substantially. Sub-paragraph (1) now specifies the circumstances in which this paragraph applies; and sub-paragraph (2) now deals with the “basic” case (where the rights are exercised), leaving later sub-paragraphs to deal with other cases.

3211.In paragraph 116 of Schedule 8, paragraph 116(5) is concerned with the meaning of the expression “rights arising under a rights issue”, and provides a cross-reference to another provision in Schedule 8. This expression is now defined in paragraph 99(1) of this Schedule for the purposes of the SIP code generally.

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