For acquisitions and disposals before the provisions described in C2.811 became effective, the position regarding shares acquired as a director or employee is as follows. (References are to the legislation before amendment by FA 2003.)
Conditional, or 'clogged' shares (see C2.711) were issued in consideration for services provided by employees and were in general, therefore, deemed to be acquired at market value (see C2.109)1.
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