Part 12Other relief for employee share acquisitions
Chapter 4Additional relief in cases involving restricted shares
1029Transfer of qualifying business by group transfers
1
This section applies in relation to relief to be given under this Chapter if—
a
during the interim period (see subsections (5) to (7)), the whole, or substantially the whole, of the qualifying business is transferred, and
b
conditions A and B are met.
2
Condition A is that—
a
the transfer is a group transfer, or
b
if there is more than one transfer, all the transfers are group transfers.
3
Condition B is that, as a result of the transfer or transfers, at the end of the interim period—
a
the whole, or substantially the whole, of the qualifying business is carried on by one company (“the successor company”) only and that company is not the employing company, or
b
the whole, or substantially the whole, of the qualifying business is carried on by companies (“the successor companies”) none of which is the employing company.
4
The relief is to be given to—
a
the successor company, or
b
whichever one of the successor companies is nominated by them,
instead of the employing company (and references to the employing company in section 1013(3) and (4) or 1021(3) and (4) (as applied by section 1028(2)) are to be read as references to the company to which the relief is to be given).
5
“The interim period” is to be read in accordance with subsections (6) and (7).
6
The interim period begins—
a
if the original relief is available under Chapter 2, when the restricted shares are acquired, and
b
if the original relief is available under Chapter 3, when the option is obtained.
7
The interim period ends—
a
if the relief under this Chapter is available as a result of the occurrence of a chargeable event, when the chargeable event occurs, and
b
if the relief under this Chapter is available as a result of the employee's death, when the employee dies.