ERSM30060 | Restricted Securities: Shares acquired before 16 April 2003: exemption from charge

shareholder’s relationship with the company is no longer that of an employee or director, the 7 year rule (see ERSM30070), or

increase in value has benefited all shareholders in the class equally and because of the pattern of shareholdings in the company, can be accepted not to have been organised with a view to rewarding employees (see ERSM30080); and the conditions in ERSM30090 have been satisfied.