Introduction Details of the Schedule New section 385A of ITTOIA: No charge to tax on purchase by company of exempt employee shareholder shares
27.New section 385A of ITTOIA prevents an income tax charge arising when employee shareholder shares are sold back to the company. It applies where the employee shareholder is no longer an employee or officer of the employer company (or an associated company) and ensures that payment received from the company gives rise to a gain (that may be exempt by virtue of Part 2 of this Schedule).