Section EX 38 — Income Tax Act 2007: Exemption for employee share purchase scheme of grey list company

EX 38 Exemption for employee share purchase scheme of grey list company A person’s rights in a FIF in an income year are not an attributing interest if— (a) the person is a natural person; and (b) the rights are a direct income interest; and (c) the FIF is a grey list company; and (d) the FIF is not an entity described in schedule 25, part B (Foreign investment funds); and (e) at the time the person acquires the shares, the FIF— (i) employs the person: (ii) owns, directly or indirectly, the person’s employer; and (f) the person acquires the shares under a share purchase agreement; and (g) the share purchase agreement includes a restriction on the disposal of the shares; and (h) at the beginning of the year, the period of the restriction— (i) has not expired: (ii) has expired for a period of less than 6 months. Defined in this Act: attributing interest , company , direct income interest , employer , FIF , grey list company , share , share purchase agreement , year , Compare: 2004 No 35 s EX 33(5) Section EX 38(g): substituted (with effect on 1 April 2008), on 6 October 2009, by section 172 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).