Corporation Tax Act 2009 section 108

Restricted shares not to include shares acquired before 16 April 2003

Section 108 excludes shares acquired before 16 April 2003 from the definition of "restricted shares" used in Part 12 of the Act.

• Part 12 of the Act contains rules dealing with the tax treatment of restricted shares
• The term "restricted shares" as used in Part 12 does not cover shares acquired before 16 April 2003
• This means the Part 12 restricted shares rules only apply to shares acquired on or after 16 April 2003
• Any shares acquired before that date fall outside the scope of the restricted shares provisions, regardless of their characteristics