On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 16/12/2008.
12. Section 13L of the principal Act is amended —
(a)
by deleting the words “company employee equity-based remuneration scheme” in the 6th and 7th lines of subsection (1) and substituting the words “share acquisition scheme which satisfies the relevant percentage requirement”;
(b)
by deleting the definition of “company employee equity-based remuneration scheme” in subsection (5);
(c)
by deleting the definition of “50% requirement” in subsection (5);
(d)
by inserting, immediately after the definition of “qualifying employee” in subsection (5), the following definition:
“ “relevant percentage requirement” —
(a)
in relation to any right or benefit under a share acquisition scheme to acquire the shares of a qualifying company or its holding company granted before 16th February 2008, means in the aggregate at least 50% of the employees of the qualifying company are offered during any calendar year any rights or benefits to acquire shares in the qualifying company or in its holding company under that scheme, as ascertained in accordance with the specified formula; or
(b)
in relation to any right or benefit under a share acquisition scheme to acquire the shares of a qualifying company or its holding company granted on or after 16th February 2008, means in the aggregate at least 25% of the employees of the qualifying company are offered during any calendar year any rights or benefits to acquire shares in the qualifying company or in its holding company under that scheme, as ascertained in accordance with the specified formula;”;
(e)
by deleting the full-stop at the end of the definition of “shares” in subsection (5) and substituting a semi-colon, and by inserting immediately thereafter the following definition:
“ “specified formula” means the following formula:
A | ||
---------------- | x | 100%, |
B – C – D – E |
where | A | is the aggregate number of employees of the qualifying company who are offered during a calendar year any right or benefit to acquire shares in the qualifying company or in its holding company under any share acquisition scheme in respect of which the qualifying company has opted under section 13J(6) for tax exemption under this section instead of section 13J to apply, and who are employees of that qualifying company at the time of such offer; |
B | is the number of employees of the qualifying company on the last day of that calendar year; | |
C | is the number of part-time employees (other than non-executive directors) on the last day of that calendar year where any right or benefit to acquire shares in that qualifying company or in its holding company is not offered to any such employee for the whole of that calendar year, or nil where any right or benefit to acquire shares in that qualifying company or in its holding company is offered to any such employee during that calendar year; | |
D | is the number of full-time employees with less than one year’s service (other than non-executive directors) on the last day of that calendar year where any right or benefit to acquire shares in that qualifying company or in its holding company is not offered to any such employee for the whole of that calendar year, or nil where any right or benefit to acquire shares in that qualifying company or in its holding company is offered to any such employee during that calendar year; and | |
E | is the number of employees engaged on contracts not exceeding 2 years (other than non-executive directors) on the last day of that calendar year where any right or benefit to acquire shares in that qualifying company or in its holding company is not offered to any such employee for the whole of that calendar year, or nil where any right or benefit to acquire shares in that qualifying company or in its holding company is offered to any such employee during that calendar year.”; and |
(f)
by deleting the words “company employee equity-based remuneration scheme” in the section heading and substituting the words “equity remuneration incentive scheme”.