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Finance Act 2014

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15(1)Section 86 (trusts for benefit of employees) is amended as follows.

(2)In subsection (3), after paragraph (c) insert , or

(d)the settled property consists of or includes ordinary share capital of a company which meets the trading requirement and the trusts on which the settled property is held are those of a settlement which—

(i)meets the controlling interest requirement with respect to the company, and

(ii)meets the all-employee benefit requirement with respect to the company.

(3)After that subsection insert—

(3A)For the purpose of determining whether subsection (3)(d) is satisfied in relation to settled property which consists of or includes ordinary share capital of a company—

(a)section 236I of the 1992 Act applies to determine whether the company meets the trading requirement (with references to “C” being read as references to that company),

(b)sections 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether the settlement meets the all-employee benefit requirement and the controlling interest requirement (with references in those sections to “C” being read as references to that company), and

(c)“ordinary share capital” has the meaning given by section 1119 of the Corporation Tax Act 2010.

(4)The amendments made by this paragraph are treated as having come into force on 6 April 2014.

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