S.L. 123.27 Art. 4ATransfer of shares that have been admitted for trading on an alternative trading platform.

(1) In the computation of the capital gains derived by an original shareholder from a transfer of shares that is made in consequence of the admission of those shares for trading on an alternative trading platform, the amount on which tax is chargeable shall be the amount computed in accordance with the Act and the other provisions of these rules multiplied by the percentage indicated in the second column of the following table, depending on the level of public participation in the company in which the shares are held: Level of public participation Taxable portion Less than 10% 100% At least 10% but less than 15% 75% At least 15% but less than 20% 50% At least 20% but less than 25% 25% 25% or more 0%

(2) Subject to the provisions of sub-rule (1), when a person who is not an original shareholder transfer shares in a company that have been admitted for trading on an alternative trading platform and the level of public participation in the company is at least 10%, no tax shall be chargeable on capital gains derived from that transfer.

(3) For the purpose of this rule -

(a) "alternative trading platform" is an alternative trading platform, as defined in Commission Regulation (EU) No 651/2014 of 17 June, 2014, that is operated by a stock exchange recognized under the Financial Markets Act;

(b) "level of public participation" means the percentage of equity shares held by persons who are not original shareholders at the end of the day of the transfer in question;

(c) "original shareholder" means:

(i) a person who was a shareholder of the company before any shares in that company were admitted for trading on an alternative trading platform;

(ii) the spouse, a direct descendant or the spouse of a direct descendant of an original shareholder described in the other sub-paragraphs;

(iii) a trust or a company, partnership, foundation or other legal person whose beneficiaries are, to the extent of more than 50%, original shareholders described in the other sub-paragraphs or which is owned and controlled, directly or indirectly, to the extent of more than 50%, by such original shareholders; or

(iv) a shareholder in a company who acquired his shares from an original shareholder described in the other sub-paragraphs by means of a transfer or any other transfer to which sub-causa mortis rule (1) was not applicable.