Finance Act 1982

98 Employee and newspaper trusts

(1) Paragraph 17 of Schedule 5 to the [1975 c. 7.] Finance Act 1975 shall be amended in accordance with subsections (2) to (5) below.

(2) In sub-paragraph (1)(a) for the words " profession or undertaking " (where they first occur) there shall be substituted the words " or profession ".

(3) In sub-paragraph (1) the words "or (c) charities" shall be omitted.

(4) After sub-paragraph (1) there shall be inserted—

“(1A) Where settled property is held on trusts permitting the property to be applied for the benefit of persons within paragraph (a) or (b) of sub-paragraph (1) above, those trusts shall not be regarded as outside the description specified in that sub-paragraph by reason only that they also permit the settled property to be applied for charitable purposes.”

(5) For sub-paragraph (2) there shall be substituted—

“(2) Where any class mentioned in sub-paragraph (1) above is defined by reference to employment by or office with a particular body, this paragraph applies to the settled property only if—

(a) the class comprises all or most of the persons employed by or holding office with the body concerned ; or

(b) the trusts on which the settled property is held are those of a profit sharing scheme approved in accordance with Schedule 9 to the [1978 c. 42.] Finance Act 1978.”

(6) In paragraph 17A(1) of that Schedule for the words "to (c) " there shall be substituted the words " and (b) ".

(7) This section shall have effect in relation to events after 8th March 1982.