Finance Act 2013 extended the scope of the business asset disposal relief (formerly entrepreneurs’ relief) rules in relation to disposals of shares and securities by introducing two further categories of shares that are eligible for the relief, both directed at shares that have been acquired under an employee management incentive scheme (see ¶466-000ff.. The rules apply in relation to disposals on or after 6 April 2013, subject to transitional rules described below.

A disposal of shares or securities is also a material disposal if condition C or D in TCGA 1992, s. 169I(7A),(7B) is met.

Condition C is applicable where the disposal of is ‘relevant EMI shares’ and:

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