3178.This paragraph contains provisions that apply where the SIP acquires shares from an employee share ownership trust. The paragraph derives from paragraph 76 of Schedule 8.
3179.Sub-paragraph (2) is now organised slightly differently; and sub-paragraph (2)(a) contains additional words explaining the reference to “relevant shares”, a term left unexplained in the source legislation. See Note 65(C) in Annex 2.
Commentary on Sections Overview Part 9: Trustees Paragraph 78: Acquisition by trustees of shares from employee share ownership trust