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Income Tax (Trading and Other Income) Act 2005
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752Interest under employees' share schemes
This section has no associated Explanatory Notes
(1)This section applies if—
(a)a scheme is set up to comply with section 153(4)(b) of the Companies Act 1985 (c. 6) or Article 163(4)(b) of the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)) (financial assistance for the purposes of an employees' share scheme), and
(b)under the scheme the trustees receive interest from a participant in the scheme.
(2)So far as the scheme requires the trustees to pay to the company an equivalent amount as interest, no liability to income tax arises under Chapter 2 of Part 4 for the trustees in respect of the interest they receive.
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