If shares were acquired before 26 October 1987 the lifting of
one particular type of restriction is not to be regarded as giving
rise to a charge to tax under Section 78. This was the type of case
where the lifting of a restriction was specifically exempted from
triggering a charge under ICTA88/S138 (1)(a). This type of
restriction took the form of any contract, agreement, arrangement,
or condition which provided that when the employee left his
employment the shares should be disposed of to a person nominated
in accordance with the contract, agreement, arrangement or
condition.
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