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Income Tax (Earnings and Pensions) Act 2003
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463Disposals of shares to connected persons etc. ignored
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(1)The employee is to be treated as continuing to have a beneficial interest in the shares for the purposes of this Chapter until there is a qualifying disposal of the shares or (as the case may be) of the interest in them.
(2)A disposal is a “qualifying disposal” if—
(a)it is a disposal by a bargain at arm’s length with a person who is not connected with the person making the disposal (whether that is the employee or some other person), or
(b)it is a disposal, in accordance with the terms on which the acquisition was made, to the company whose shares they are.
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