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Income Tax (Earnings and Pensions) Act 2003

Section 550: Meaning of “employee benefit trust”

2220.This section sets out the basic ingredients of an employee benefit trust, as follows:

  • all or most of the employees of the company must be eligible to benefit; and

  • apart from certain exceptions, there have been no disposals of property subject to the trust since 13 March 1989.

2221.This section derives from paragraph 7(5) of Schedule 8 to ICTA.

2222.Subsection (4) provides more information about the exceptions to the “no disposals since 13 March 1989” rule. Disposals that do not prevent the trust from being an employee benefit trust are either those made in the ordinary course of the management of the trust or “qualifying disposals”, as defined in section 551.

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