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Throughout this manual, all legislative references are to (鈥淭CGA92鈥�) unless otherwise stated.听

S236R TCGA92 and Sch 37, Para 3(f) Finance Act 2014听听听听听听听听听听

In the same way as the occurrence of a 鈥榙isqualifying event鈥� may result in the withdrawal or prevention of relief given under S236H, a 鈥榙isqualifying event鈥� may also prompt withdrawal or prevention of relief given under S236Q, see听CG67865.听 The relationship between S236Q and S236R parallels that of S236H and S236O.听

Where a deemed disposal of the kind described in听CG67865听arises, and the relevant 鈥榬elief requirements鈥� are met, but a 鈥榙isqualifying event鈥� in relation to that deemed disposal takes place in the four tax years following that in which the deemed disposal occurs, or for disposals before 30 October 2024, the tax year following the disposal, the consequences are outlined below.听

• 听No claim for relief may be made by the 鈥榯ransferring trustees鈥� on or after the day on which it takes place.听

• 听Where the 鈥榯ransferring trustee鈥� has made a claim for relief and a 鈥榙isqualifying event鈥� then occurs, the claim is revoked and the chargeable gains and allowable losses of any person, for any chargeable period, are to be calculated as if the claim had never been made.听 Adjustments to be made in respect of any person in order to give effect to the change may be made at any time, regardless of the time limits that would otherwise apply.听

If more than one 鈥榙isqualifying event鈥� occurs, the date of the first to take place is the relevant date for the purposes of the paragraphs above.听

The definition of 鈥榙isqualifying event鈥� is similar to that in听CG67860, but with the substitution of deemed disposal for disposal.听 However, references to C should be read as meaning the company mentioned in the first bullet of听CG67865, and those to 鈥榮ettlement鈥� should be read as references to the settlement whose trustees are the 鈥榓cquiring trustees鈥�.听

When deciding whether there has been a 鈥榙isqualifying event鈥� on the grounds that the trust has ceased to meet the 鈥榓ll-employee benefit requirement鈥�, bear in mind that,听

• the settlement cannot be treated as meeting the 鈥榓ll-employee benefit requirement鈥� after the time of the disposal unless it was treated as meeting the requirement at that time,听
• if at the time of the disposal the settlement was treated as meeting the 鈥榓ll-employee benefit requirement鈥� and then later actually meets it, the settlement cannot again be treated as meeting the requirement, and听
• the 鈥榩articipator fraction鈥� exceeding two-fifths is to be disregarded if听
• the period that it does so lasts no more than 6 months and听
• the fraction exceeded two-fifths during that period by reason of events outside the reasonable control of the trustees.听

The guidance above does not apply where the transitional rules take effect.听

Example 31听

On 15 October 2014 the trustees of the Enif Widgets Limited EOT became absolutely entitled as against the trustees of the Enif Widgets Limited EBT to 65% of the ordinary share capital of Enif Widgets Limited.听 The four relevant relief requirements were met at the time and the trustees of the Enif Widgets Limited EBT intended to make a claim for relief.听

Enif Widgets Limited ceases to trade on 24 December 2015 and so the 鈥榯rading requirement鈥� is no longer met.听 The trustees of the EOT are treated as having disposed of and immediately reacquired at market value, immediately before the disqualifying event, the company鈥檚 shares to which they became absolutely entitled on 15 October 2014.听 The trustees of the EOT cannot make a claim for relief on or after 24 December 2015.听 Any claim made before that date is revoked and chargeable gains and losses are to be calculated as if it had never been made.听

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