SCHEDULES

SCHEDULE 8 Employee share ownership plans

Part III Eligibility of individuals

Meaning of “associate"

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1

In paragraph 15 (the “no material interest” requirement) “associate”, in relation to a person, means—

a

any relative or partner of that person,

b

the trustee or trustees of any settlement in relation to which that person, or any relative of his (living or dead), is or was a settlor, and

c

where that person is interested in any shares or obligations of the company which are subject to any trust, or are part of the estate of a deceased person, the trustee or trustees of the settlement concerned or (as the case may be) the personal representatives of the deceased.

2

In sub-paragraph (1)(a) and (b) “relative” means husband or wife, parent or remoter forebear, child or remoter issue, or brother or sister.

3

In sub-paragraph (1)(b) “settlor” and “settlement” have the same meaning as in Chapter IA of Part XV of the Taxes Act 1988 (see section 660G(1) and (2)).