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This is the original version (as it was originally enacted).
(1)A participant is not liable to income tax on shares ceasing to be subject to the plan if—
(a)they cease to be so subject on the participant ceasing to be in relevant employment, and
(b)subsection (2) applies.
(2)This subsection applies if the participant ceases to be in relevant employment—
(a)because of injury or disability,
(b)on being dismissed by reason of redundancy,
(c)by reason of a transfer to which the Transfer of Undertakings (Protection of Employment) Regulations 1981 (S.I. 1981/1794) apply,
(d)if the relevant employment is employment by an associated company (see paragraph 95(2) of Schedule 2), by reason of a change of control or other circumstances ending that company’s status as an associated company,
(e)by reason of the participant’s retirement on or after reaching the specified retirement age (see paragraph 98 of Schedule 2), or
(f)on the participant’s death.
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