Finance Act 1989

Employee share ownership trusts E+W+S+N.I.

67 Tax relief. E+W+S+N.I.

(1) This section applies where—

(a) a company expends a sum in making a payment by way of contribution to thetrustees of a trust which is a qualifying employee share ownership trust atthe time the sum is expended,

(b) at that time, the company or a company which it then controls hasemployees who are eligible to benefit under the terms of the trust deed,

(c) at that time the company is resident in the United Kingdom,

(d) before the expiry of the expenditure period the sum is expended by thetrustees for one or more of the qualifying purposes, and

(e) before the end of the claim period a claim for relief under this sectionis made.

(2) In such a case the sum—

(a) shall be deducted in computing for the purposes of Schedule D the [F1 profits] of a trade carried on by the company, or

(b) if the company is an investment company or a company in the case of whichsection 75 of the Taxes Act 1988 applies by virtue of section 76 of that Act,shall be treated as expenses of management.

(3) For the purposes of subsection (1)(b) above, the question whether onecompany is controlled by another shall be construed in accordance with section840 of the Taxes Act 1988.

(4) For the purposes of subsection (1)(d) above each of the following is aqualifying purpose—

(a) the acquisition of shares in the company which established the trust;

(b) the repayment of sums borrowed;

(c) the payment of interest on sums borrowed;

(d) the payment of any sum to a person who is a beneficiary under the termsof the trust deed;

(e) the meeting of expenses.

(5) For the purposes of subsection (1)(d) above the expenditure period is theperiod of nine months beginning with the day following the end of the periodof account in which the sum is charged as an expense of the company, or suchlonger period as the Board may allow by notice given to the company.

(6) For the purposes of subsection (1)(e) above the claim period is the periodof two years beginning with the day following the end of the period of accountin which the sum is charged as an expense of the company.

(7) For the purposes of this section the trustees of an employee shareownership trust shall be taken to expend sums paid to them in the order inwhich the sums are received by them (irrespective of the number of companiesmaking payments).

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1 Words in s. 67(2)(a) substituted (31.7.1998) by 1998 c. 36, s. 46(3), Sch. 7 para. 3

Modifications etc. (not altering text)

C1 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

68 Principal charges to tax. E+W+S+N.I.

(1) This section applies where a chargeable event (within the meaning ofsection 69 below) occurs in relation to the trustees of an employee shareownership trust.

(2) In such a case—

(a) the trustees shall be treated as receiving, when the event occurs, annualprofits or gains whose amount is equal to the chargeable amount (within themeaning of section 70 below),

(b) the profits or gains shall be chargeable to tax under Case VI of ScheduleD for the year of assessment in which the event occurs, and

(c) the rate at which the tax is chargeable shall be [F2 the rate applicable to trusts] for the year of assessment in whichthe event occurs.

(3) If the whole or any part of the tax assessed on the trustees is not paidbefore the expiry of the period of six months beginning with the day on whichthe assessment becomes final and conclusive, a notice of liability to taxunder this subsection may be served on a qualifying company and the tax or thepart unpaid (as the case may be) shall be payable by the company on serviceof the notice.

(4) Where a notice of liability is served under subsection (3) above—

(a) any interest which is due on the tax or the part (as the case may be) andhas not been paid by the trustees, and

(b) any interest accruing due on the tax or the part (as the case may be)after the date of service,

shall be payable by the company.

(5) Where a notice of liability is served under subsection (3) above and anyamount payable by the company (whether on account of tax or interest) is notpaid by the company before the expiry of the period of three months beginningwith the date of service, the amount unpaid may be recovered from the trustees(without prejudice to the right to recover it instead from the company).

(6) For the purposes of this section each of the following is a qualifyingcompany—

(a) the company which established the employee share ownership trust;

(b) any company falling within subsection (7) below.

(7) A company falls within this subsection if, before it is sought to servea notice of liability on it under subsection (3) above—

(a) it has paid a sum to the trustees, and

(b) the sum has been deducted as mentioned in section 67(2)(a) above ortreated as mentioned in section 67(2)(b) above.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F2 Words in s. 68(2)(c) substituted (27.7.1993 with effect for the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 79, Sch. 6 paras.20, 25(1)

Modifications etc. (not altering text)

C2 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

69 Chargeable events. E+W+S+N.I.

(1) For the purposes of section 68 above each of the following is a chargeable event in relation to the trustees of an employee share ownership trust—

(a) the transfer of securities by the trustees, if the transfer is not a qualifying transfer;

(b) the transfer of securities by the trustees to persons who are at the time of the transfer beneficiaries under the terms of the trust deed, if the terms on which the transfer is made are not qualifying terms;

(c) the retention of securities by the trustees at the expiry of the [F3 qualifying period] beginning with the date on which they acquired them;

(d) the expenditure of a sum by the trustees for a purpose other than a qualifying purpose.

[F4 (e) where—

(i) the trustees make a qualifying transfer within subsection (3AA) below for a consideration, and

(ii) they do not, during the period specified in subsection (5A) below, expend a sum of not less than the amount of that consideration for one or more qualifying purposes,

the expiry of that period.]

(2) For the purposes of subsection (1)(a) above a transfer is a qualifying transfer if it is made to a person who at the time of the transfer is a beneficiary under the terms of the trust deed.

(3) For the purposes of subsection (1)(a) above a transfer is also a qualifying transfer if—

(a) it is made to the trustees of a scheme which at the time of the transfer is a profit sharing scheme approved under Schedule 9 to the Taxes Act 1988, and

(b) it is made for a consideration which is not less than the price the securities might reasonably be expected to fetch on a sale in the open market.

[F5 (3AA) For the purposes of subsection (1)(a) above a transfer is also a qualifying transfer if—

(a) it is a transfer of relevant shares made to the trustees of the plan trust of an employee share ownership plan,

(b) the plan is approved under Schedule 8 to the Finance Act 2000 when the transfer is made, and

(c) the consideration (if any) for which the transfer is made does not exceed the market value of the shares.

(3AB) For the purpose of determining whether a transfer by the trustees is a qualifying transfer within subsection (3AA) above, where on or after 21st March 2000—

(a) the trustees transfer or dispose of part of a holding of shares (whether by way of a qualifying transfer or otherwise), and

(b) the holding includes any relevant shares,

the relevant shares shall be treated as transferred or disposed of before any other shares included in that holding.

For this purpose “holding” means any number of shares of the same class held by the trustees, growing or diminishing as shares of that class are acquired or disposed of.

(3AC) For the purposes of subsections (3AA) and (3AB) above—

• “market value” has the same meaning as in Schedule 8 to the Finance Act 2000; and

• “relevant shares” means—

  (i)

  shares that are held by the trustees of the employee share ownership trust at midnight on 20th March 2000, and

  (ii)

  shares purchased by those trustees with original funds after that time.

(3AD) For the purposes of subsection (3AC) above—

(a) “original funds” means any money held by the trustees of the employee share ownership trust in a bank or building society account at midnight on 20th March 2000, and

(b) any payment made by the trustees after that time (whether to acquire shares or otherwise) shall be treated as made out of original funds (and not out of money received after that time) until those funds are exhausted.]

[F6 (3A) For the purposes of subsection (1)(a) above a transfer is also a qualifying transfer if it is made by way of exchange in circumstances mentioned in section 85(1) of the Capital Gains Tax Act 1979 or section 135(1) of the Taxation of Chargeable Gains Act 1992.]

(4) For the purposes of subsection (1)(b) above a transfer of securities is made on qualifying terms if—

(a) all the securities transferred at the same time [F7 other than those transferred on a transfer such as is mentioned in subsection (4ZA) below] are transferred on similar terms,

(b) securities have been offered to all the persons who are beneficiaries under the terms of the trust deed [F8 by virtue of a rule which conforms with paragraph 4(2), (3) or (4) of Schedule 5 to this Act] when the transfer is made, and

(c) securities are transferred to all such [F9 persons] who have accepted.

[F10 (4ZA) For the purposes of subsection (1)(b) above a transfer of securities is also made on qualifying terms if—

(a) it is made to a person exercising a right to acquire shares, and

(b) that right was obtained in accordance with the provisions of a savings-related share option scheme within the meaning of Schedule 9 to the Taxes Act 1988—

(i) which was established by, or by a company controlled by, the company which established the trust, and

(ii) which is approved under that Schedule, and

(c) that right is being exercised in accordance with the provisions of that scheme, and

(d) the consideration for the transfer is payable to the trustees.]

[F11 (4A) For the purposes of subsection (1)(c) above the qualifying period is—

(a) seven years, in the case of trusts established on or before the day on which the Finance Act 1994 was passed;

(b) twenty years, in the case of other trusts;

and for this purpose a trust is established when the deed under which it is established is executed.]

(5) For the purposes of subsection (1)(d) [F12 or (e)] above each of the following is a qualifying purpose—

(a) the acquisition of shares in the company which established the trust;

(b) the repayment of sums borrowed;

(c) the payment of interest on sums borrowed;

(d) the payment of any sum to a person who is a beneficiary under the terms of the trust deed;

(e) the meeting of expenses.

[F13 (5A) The period referred to in paragraph (e) of subsection (1) above is the period—

(a) beginning with the qualifying transfer mentioned in that paragraph, and

(b) ending nine months after the end of the period of account in which that qualifying transfer took place.

For this purpose the period of account means the period of account of the company that established the employee share ownership trust.]

(6) For the purposes of subsection (4) above, the fact that terms vary according to the levels of remuneration of beneficiaries, the length of their service, or similar factors, shall not be regarded as meaning that the terms are not similar.

(7) In ascertaining for the purposes of this section whether particular securities are retained, securities acquired earlier by the trustees shall be treated as transferred by them before securities acquired by them later.

(8) For the purposes of this section trustees—

(a) acquire securities when they become entitled to them (subject to the exceptions in subsection (9) below);

(b) transfer securities to another person when that other becomes entitled to them;

(c) retain securities if they remain entitled to them.

(9) The exceptions are these—

(a) if securities are issued to trustees in exchange in circumstances mentioned in section [F14 135(1) of the Taxation of Chargeable Gains Act 1992], they shall be treated as having acquired them when they became entitled to the securities for which they are exchanged;

(b) if trustees become entitled to securities as a result of a reorganisation, they shall be treated as having acquired them when they became entitled to the original shares which those securities represent (construing “reorganisation” and “original shares” in accordance with section [F14 126] of that Act).

(10) If trustees agree to take a transfer of securities, for the purposes of this section they shall be treated as becoming entitled to them when the agreement is made and not on a later transfer made pursuant to the agreement.

(11) If trustees agree to transfer securities to another person, for the purposes of this section the other person shall be treated as becoming entitled to them when the agreement is made and not on a later transfer made pursuant to the agreement.

(12) For the purposes of this section the following are securities—

(a) shares;

(b) debentures.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F3 Words in s. 69(1)(c) substituted (3.5.1994) by 1994 c. 9, s. 102, Sch. 13 para. 6(2)

F4 S. 69(1)(e) inserted (28.7.2000) by 2000 c. 17, s. 55(2)

F5 S. 69(3AA)-(3AD) inserted (28.7.2000) by 2000 c. 17, s. 55(3)

F6 S. 69(3A) inserted (16.7.1992, the amending provision applying in relation to exchanges made on or after 1.1.1992) by Finance (No. 2) Act 1992 (c. 48), s. 36(1)(2)

F7 Words in s. 69(4)(a) inserted (29.4.1996 with effect as mentioned in s. 120(12) of the amending Act) by 1996 c. 8, s. 120(3)(a)

F8 Words in s. 69(4)(b) inserted (29.4.1996 with effect as mentioned in s. 120(12) of the amending Act) by 1996 c. 8, s. 120(3)(b)

F9 Word in s. 69(4)(c) substituted (29.4.1996 with effect as mentioned in s. 120(12) of the amending Act) by 1996 c. 8, s. 120(3)(c)

F10 S. 69(4ZA) inserted (29.4.1996 with effect as mentioned in s. 120(12) of the amending Act) by 1996 c. 8, s. 120(4)

F11 S. 69(4A) inserted (3.5.1994) by 1994 c. 9, s. 102, Sch. 13 para. 6(3)

F12 Words in s. 69(5) inserted (28.7.2000) by 2000 c. 17, s. 55(4)

F13 S. 69(5A) inserted (28.7.2000) by 2000 c. 17, s. 55(5)

F14 Words in s. 69(9) substituted (in relation to tax for the year 1992-1993 and subsequent years subject as mentioned in s. 289 of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 19(1) (with s. 60, 101(1), 171, 201(3))

Modifications etc. (not altering text)

C3 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

C4 Definition employed for purposes of Finance Act1990 (c. 29) s. 36—roll-over relief where replacement assetowned

70 Chargeable amounts. E+W+S+N.I.

(1) This section has effect to determine the chargeable amount for thepurposes of section 68 above.

(2) If the chargeable event falls within section 69(1)(a), (b) or (c) abovethe following rules shall apply—

(a) if the event constitutes a disposal of the securities by the trustees forthe purposes of the [F15 Taxation of Chargeable Gains Act 1992], the chargeable amount is anamount equal to the sums allowable under section [F15 38(1)(a)] and (b) of that Act;

(b) if the event does not constitute such a disposal, the chargeable amountis an amount equal to the sums which would be so allowable had the trusteesmade a disposal of the securities for the purposes of that Act at the time thechargeable event occurs.

(3) If the chargeable event falls within section 69(1)(d) above the chargeableamount is an amount equal to the sum concerned.

[F16 (4) If the chargeable event falls within section 69(1)(e) above the chargeable amount is an amount equal to—

(a) the amount of the consideration received for the qualifying transfer mentioned in section 69(1)(e) above, less

(b) the amount of any expenditure by the trustees for a qualifying purpose during the period mentioned in section 69(5A) above.]

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F15 Words in s. 70(2) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 19(2) (with ss. 60, 101(1), 201(3))

F16 S. 70(4) inserted (28.7.2000) by 2000 c. 17, s. 55(6)

Modifications etc. (not altering text)

C5 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

71 Further charges to tax: borrowing. E+W+S+N.I.

(1) This section applies where—

(a) a chargeable event (within the meaning of section 69 above) occurs inrelation to the trustees of an employee share ownership trust,

(b) at the time the event occurs anything is outstanding in respect of theprincipal of an amount or amounts borrowed at any time by the trustees, and

(c) the chargeable event is one as regards which section 72(2)(b) belowapplies.

(2) In the following provisions of this section—

(a) “the initial chargeable event” means the event referred toin subsection (1)(a) above, and

(b) “the total outstanding amount” means the total amountoutstanding, at the time the initial chargeable event occurs, in respect ofthe principal of an amount or amounts borrowed at any time by the trustees.

(3) If any of the total outstanding amount is repaid after the initialchargeable event occurs, a further chargeable event shall occur in relationto the trustees at the end of the year of assessment in which the repaymentis made.

(4) In such a case—

(a) the trustees shall be treated as receiving, when the further event occurs,annual profits or gains whose amount is equal to the chargeable amount,

(b) the profits or gains shall be chargeable to tax under Case VI of ScheduleD for the year of assessment at the end of which the further event occurs, and

(c) the rate at which the tax is chargeable shall be [F17 the rate applicable to trusts] for the year of assessment at theend of which the further event occurs.

(5) Subject to subsection (6) below, for the purposes of subsection (4) abovethe chargeable amount is an amount equal to the aggregate of the totaloutstanding amount repaid in the year of assessment.

(6) In a case where section 72(2)(b) below had effect in the case of theinitial chargeable event, for the purposes of subsection (4) above thechargeable amount is an amount equal to the smaller of—

(a) the aggregate of the total outstanding amount repaid in the year ofassessment, and

(b) an amount found by applying the formula A-B-C.

(7) For the purposes of subsection (6) above—

(a) A is the amount which would be the chargeable amount for the initialchargeable event apart from section 72(2) below,

(b) B is the chargeable amount for the initial chargeable event, and

(c) C is the amount (if any) found under subsection (8) below.

(8) If, before the further chargeable event occurs, one or more priorchargeable events have occurred in relation to the trustees by virtue of theprior repayment of any of the total outstanding amount found for the time theinitial chargeable event occurs, the amount found under this subsection is anamount equal to the chargeable amount for the prior chargeable event or to theaggregate of the chargeable amounts for the prior chargeable events (as thecase may be).

(9) In a case where—

(a) a chargeable event (within the meaning of section 69 above) occurs inrelation to the trustees in circumstances mentioned in subsection (1) above,

(b) a sum falls to be included in the total outstanding amount found for thetime the event occurs,

(c) another chargeable event (within the meaning of that section) occurs inrelation to the trustees in circumstances mentioned in subsection (1) above,and

(d) the same sum or a part of it would (apart from this subsection) fall tobe included in the total outstanding amount found for the time the eventoccurs,

the sum or part (as the case may be) shall not be included in the totaloutstanding amount found for the time the other chargeable event occurs.

(10) In ascertaining for the purposes of this section whether a repayment isin respect of a particular amount, amounts borrowed earlier shall be taken tobe repaid before amounts borrowed later.

(11) Subsections (3) to (7) of section 68 above shall apply where tax isassessed by virtue of this section as they apply where tax is assessed byvirtue of that section.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F17 Words in s. 71(4)(c) substituted (27.7.1993 with effect for the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 79, Sch. 6 paras.20, 25(1)

Modifications etc. (not altering text)

C6 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

72 Limit on chargeable amount. E+W+S+N.I.

(1) For the purposes of this section each of the following is a chargeableevent in relation to the trustees of an employee share ownership trust—

(a) an event which is a chargeable event by virtue of section 69 above;

(b) an event which is a chargeable event by virtue of section 71 above.

(2) If a chargeable event (the event in question) occurs in relation to thetrustees of an employee share ownership trust, the following rules shallapply—

(a) the amount which would (apart from this subsection) be the chargeableamount for the event in question shall be aggregated, for the purposes ofparagraph (b) below, with the chargeable amounts for other chargeable events(if any) occurring in relation to the trustees before the event in question,

(b) if the amount which would (apart from this subsection) be the chargeableamount for the event in question (or the aggregate found under paragraph (a)above, if there is one) exceeds the deductible amount, the chargeable amountfor the event in question shall be the amount it would be apart from thissubsection less an amount equal to the excess, and

(c) section 70(2) and (3) and section 71(5) above shall have effect subjectto paragraph (b) above.

(3) For the purposes of subsection (2) above the deductible amount (as regardsthe event in question) is an amount equal to the total of the sums fallingwithin subsection (4) below.

(4) A sum falls within this subsection if it has been received by the trusteesbefore the occurrence of the event in question and—

(a) it has been deducted as mentioned in section 67(2)(a) above, or treatedas mentioned in section 67(2)(b) above, before the occurrence of that event,or

(b) it would fall to be so deducted or treated if a claim for relief undersection 67 above had been made immediately before the occurrence of thatevent.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C7 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

73 Information. E+W+S+N.I.

(1) An inspector may by notice in writing require a return to be made by thetrustees of an employee share ownership trust if they have at any timereceived a sum which has been deducted as mentioned in section 67(2)(a) aboveor treated as mentioned in section 67(2)(b) above.

(2) Where he requires such a return to be made the inspector shall specify theinformation to be contained in it.

(3) The information which may be specified is information the inspector needsfor the purposes of sections 68 to 72 above, and may include informationabout—

(a) sums received (including sums borrowed) by the trustees;

(b) expenditure incurred by them;

(c) assets acquired by them;

(d) transfers of assets made by them.

(4) The information which may be required under subsection (3)(a) above mayinclude the persons from whom the sums were received.

(5) The information which may be required under subsection (3)(b) above mayinclude the purpose of the expenditure and the persons receiving any sums.

(6) The information which may be specified under subsection (3)(c) above mayinclude the persons from whom the assets were acquired and the considerationfurnished by the trustees.

(7) The information which may be included under subsection (3)(d) above mayinclude the persons to whom assets were transferred and the considerationfurnished by them.

(8) In a case where a sum has been deducted as mentioned in section 67(2)(a)above, or treated as mentioned in section 67(2)(b) above, the inspector shallsend to the trustees to whom the payment was made a certificate stating—

(a) that a sum has been so deducted or so treated, and

(b) what sum has been so deducted or so treated.

(9) In the Table in section 98 of the M1 Taxes Management Act1970 (penalties for failure to comply with notices etc.) at the end of thefirst column there shall be inserted— “ Section 73 of the Finance Act 1989 ”.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C8 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts

Marginal Citations

M1 1970 c. 9.

74 Interpretation. E+W+S+N.I.

Schedule 5 to this Act shall have effect to determine whether, for thepurposes of sections 67 to 73 above, a trust is at a particular time—

(a) an employee share ownership trust;

(b) a qualifying employee share ownership trust.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C9 See Finance Act 1990 (c. 29) ss.31–40—.roll-over relief for disposal of assets to employeeshare ownership trusts