Section 1008 | Conditions relating to shares acquired

(1)Each of the following conditions must be met in relation to the shares acquired.Condition 1The shares are ordinary shares that are fully paid-up and not redeemable.Condition 2The shares are—

(a)shares of a class listed on a recognised stock exchange,

(b)shares in a company that is not under the control of another company, or

(c)shares in a company that is under the control of a listed company.

(a)the employing company,

(b)a company that, when the shares are acquired, is a parent company of the employing company,

(c)a company that, when the shares are acquired, is a member of a consortium that owns the employing company,

(d)a company that, when the shares are acquired, is a member of a consortium that owns a parent company of the employing company, or

(e)a company within subsection (2).

Condition 3The shares are shares in—

(2)A company (“company A”) is within this subsection if when the shares are acquired—

(a)the employing company or a parent company of the employing company is a member of a consortium that owns another company (“company B”), and

(b)company A is—

(i)a member of that consortium or a parent company of a member of that consortium, and

(ii)a member of the same commercial association of companies as company B.