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(1A)(a) As respects a profit sharing scheme approved on or after the date of the passing of the Finance Act, 1998, the Revenue Commissioners must be satisfied—

(3) This paragraph shall apply to an appropriation of shares made, on or after the date of the passing of the Finance Act, 2000, by the trustees of an approved scheme (within the meaning of section 510(1)).

(1B) As respects a scheme which has been established by a relevant company (within the meaning of paragraph 1 of Schedule 12)—

(a) any reference in subparagraph (1)(a)(ii) to an employee or a full-time director shall be deemed to be a reference to an individual who was such an employee or a full-time director, as the case may be, of that relevant company or of a company within the relevant company’s group (within the meaning of paragraph 1(3A) of Schedule 12) on the day the scheme was established, and

(b) for the purposes of satisfying the qualifying period requirement referred to in subparagraph (1)(b), such periods in which an individual was or is an employee or a director of a company referred to in subparagraphs (3)(b) and (13) of paragraph 11A of Schedule 12 shall also be taken into account.

(b) the individual is at that time, or was within the preceding 30 days, a beneficiary (within the meaning of paragraph 11or paragraph 11A, as the case may be, of Schedule 12) of that employee share ownership trust.

(1) Nothing in paragraph 13 shall prevent shares being appropriated to an individual under an approved scheme established by a relevant company (within the meaning of paragraph 1 of Schedule 12) and where, in a year of assessment, shares have been appropriated to an individual under such an approved scheme, paragraph 13 shall apply as if those shares had not been appropriated to that individual in that year of assessment.

(c) shares in a company under the control of a company (other than a company which is, or if resident in the State would be, a close company within the meaning of section 430) whose shares are quoted on a recognised stock exchange.

(b) a company under the control of a company (other than a company which is, or if resident in the State would be, a close company within the meaning of section 430) whose ordinary shares are quoted on a recognised stock exchange.

(2) Subparagraph (1) shall apply in relation to a company which would be a close company but for section 430(1)(a) or 431.

(3) (a) In this paragraph, “close company” has the meaning assigned to it by section 430.

(2) Subparagraph (1) shall apply in relation to a company which would be a close company but for section 430(1)(a) or 431.

1. In this Schedule, “control” shall be construed in accordance with section 432.

(i) both companies are under the control (within the meaning of section 432) of the same person or persons, or

(c) in a case where the shares are within paragraph 9(c) and are not within paragraph 9(a), companies which have control of the company whose shares are in question or of which that company is an associated company within the meaning of section 432.

(i) subsection (3) of section 433 shall apply—

(ii) section 437(2) shall apply, with the substitution of a reference to 15 per cent for the reference in that section to 5 per cent, for the purpose of determining whether a person has or had a material interest in a company.

(i) that there are no features of the scheme (other than any which are included to satisfy the requirements of Chapter 1 of Part 17 and this Schedule) which have or would have the effect of discouraging any description of employees or former employees who fulfil the conditions in subparagraph (1), having regard to subparagraph (1B), from participating in the scheme, and

(i) that there are no features of the scheme (other than any which are included to satisfy the requirements of Chapter 1 of Part 17 and this Schedule) which have or would have the effect of discouraging any description of employees or former employees who fulfil the conditions in subparagraph (1), having regard to subparagraph (1B), from participating in the scheme, and

(b) there is, with respect to the operation of the scheme, any contravention of any provision of Chapter 1 of Part 17, the scheme itself or the terms of the trust referred to in paragraph 3(3)(c),

(b) there is, with respect to the operation of the scheme, any contravention of any provision of Chapter 1 of Part 17, the scheme itself or the terms of the trust referred to in paragraph 3(3)(c),

(b) the specified securities issued in the exchange referred to in paragraph (b) of the definition of “specified securities” in section 509(1).

(a) to maintain such records as may be necessary to enable the trustees to carry out their obligations under Chapter 1 of Part 17, and

(a) to maintain such records as may be necessary to enable the trustees to carry out their obligations under Chapter 1 of Part 17, and

Section 510.

(e) where a person fails to provide information requested by the Revenue Commissioners under section 510(7) or information which is required to be delivered under section 510(8)

(e) where a person fails to provide information requested by the Revenue Commissioners under section 510(7) or information which is required to be delivered under section 510(8)

(1) On the application of a body corporate (in this Schedule referred to as “the company concerned”) which has established a profit sharing scheme which complies with subparagraphs (3) and (4), the Revenue Commissioners shall, subject to section 511, approve of the scheme—

(a) a participant is in breach of any of his or her obligations under paragraphs (a), (c) and (d) of section 511(4),

(1) The trust instrument shall contain a provision prohibiting the trustees from disposing of any shares, except as mentioned in paragraphs (a), (b) or (c) of section 511(6), during the period of retention (whether by transfer to the participant or otherwise).

(b) by a transaction which would not involve a breach of the participant’s obligation under paragraph (c) or (d) of section 511(4).

(a) subject to any direction referred to in section 513(3), to pay over to the participant any money or money’s worth received by them in respect of, or by reference to, any of the participant’s shares, other than money consisting of a sum referred to in section 511(4)(c) or money’s worth consisting of new shares within the meaning of section 514, and

(a) subject to any direction referred to in section 513(3), to pay over to the participant any money or money’s worth received by them in respect of, or by reference to, any of the participant’s shares, other than money consisting of a sum referred to in section 511(4)(c) or money’s worth consisting of new shares within the meaning of section 514, and

(a) subject to any direction referred to in section 513(3), to pay over to the participant any money or money’s worth received by them in respect of, or by reference to, any of the participant’s shares, other than money consisting of a sum referred to in section 511(4)(c) or money’s worth consisting of new shares within the meaning of section 514, and

(4) The scheme shall provide that the total of the initial market values of the shares appropriated to any one participant in a year of assessment will not exceed £10,000 £7,400 €12,700, or where paragraph (b) of subsection (1) of section 515 applies, £30,000 €38,100.

(2) Section 515 and paragraph 3(4) shall, subject to any necessary modification, apply as if the first-mentioned company and the second-mentioned company were the same company.

(2) Section 515 and paragraph 3(4) shall, subject to any necessary modification, apply in respect of all shares appropriated to that individual in that year of assessment.

(d) a company which issued the shares to the trustees of an employee share ownership trust to which section 519 applies, in an exchange to which section 586 applies, which shares were transferred to the trustees of an approved scheme by the trustees of the employee share ownership trust.

(a) the shares were transferred to the trustees of the scheme by the trustees of an employee share ownership trust to which section 519 applies, and

8A Any reference in subparagraph (d) of paragraph 8 to shares shall be construed as including a reference to shares which were issued to the trustees of the employee share ownership trust referred to in that subparagraph as a result of a reorganisation or reduction of share capital (in accordance with section 584) which occurred subsequent to the exchange referred to in that subparagraph and which shares represent—

(d) a company which issued the shares to the trustees of an employee share ownership trust to which section 519 applies, in an exchange to which section 586 applies, which shares were transferred to the trustees of an approved scheme by the trustees of the employee share ownership trust.

(1) Notwithstanding paragraph 13, an individual who has had shares appropriated to him or her in a year of assessment under an approved scheme established by a company (“the first-mentioned company”) shall, subject to subparagraph (2), be entitled to have shares appropriated to him or her in that year of assessment under an approved scheme established by another company (“the second-mentioned company”) if, in that year of assessment, the second-mentioned company acquires control, or is part of a consortium that acquires ownership, of the first-mentioned company under a scheme of reconstruction or amalgamation (within the meaning of section 587).