Income Tax (Earnings and Pensions) Act 2003 section 78

Acquisition by trustees of shares from employee share ownership trust

Section 78 previously dealt with the acquisition by SIP trustees of shares from an employee share ownership trust, but has been repealed.

• This paragraph originally permitted SIP trustees to acquire shares from an employee share ownership trust for the purposes of a Share Incentive Plan.
• The entire provision was repealed by the Finance Act 2013, Schedule 2, paragraph 93(1).
• The repeal reflects the broader simplification of employee share scheme legislation carried out in 2013.
• Any historical transactions completed under this provision before its repeal would have been governed by the rules as they stood at the time.