Related Commentary  

227(1)  Relief is available under section 229(1) where each of the 6 conditions set out in subsections (2) to (7) below is fulfilled.

227(2)  The first condition is that a person (“the claimant”) makes a disposal of shares, or his interest in shares, to the trustees of a settlement which–

(a)is a qualifying employee share ownership trust at the time of the disposal, and

(b)was established by a company (“the founding company” ) which immediately after the disposal is a trading company or the holding company of a trading group.

227(3)  The second condition is that the shares–

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