(1) Chapter 5 of Part 5 of the Principal Act is amended by inserting the following after section 128C:
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"Tax treatment of directors of companies and employees who acquire restricted shares. |
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128D.— (1) In this section— |
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‘ director ' and ‘ employee ' have the meanings, respectively, given to them by section 770(1); |
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‘ employer ' means the company in which the director or employee holds his or her office or employment; |
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‘ market value ' shall be construed in accordance with section 548; |
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‘ restricted shares ' shall be construed in accordance with subsection (3); |
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‘ shares ' includes stock; |
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‘ specified period ' has the same meaning as in subsection (3)(a). |
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(2) Subject to subsection (7), this section applies where— |
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(a) a director or employee acquires shares (including shares acquired on the exercise of a right to which section 128 applies) in a company as a director or employee of that company or of another company, |
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(b) the shares ar |