Section 512 — Income Tax (Earnings and Pensions) Act 2003: Disposal of beneficial interest by participant

Disposal of beneficial interest by participant 512 1 This section applies if—

a a participant (“P”) disposes of P’s beneficial interest in any of P’s plan shares to the trustees, and b the trustees are, as a result of paragraph 6 of Schedule 7D to TCGA 1992 (deemed disposal by trustees on disposal of beneficial interest), treated as having disposed of the shares in question.

2 If this section applies, sections 510 and 511 apply as if the consideration payable by the trustees to the participant on the disposal had been received by the trustees as the proceeds of disposal of plan shares.