M1For the purposes of this Chapter the members of a partnership which is a scheme employer shall be treated as a single continuing body of persons notwithstanding any change in their identity.
Marginal Citations
M1Source—1987 (No.2) s.16
M2(1)For the purposes of this Chapter, “independent accountant”, in relation to a profit-related pay scheme, means a person who—
(a)is within section 389(1)(a) or (b) of the M3Companies Act 1985 or Article 397(1)(a) or (b) of the M4Companies (Northern Ireland) Order 1986 (qualification for appointment as auditor); and
(b)is not excluded by subsections (2) to (5) below.
(2)A person is not an independent accountant in relation to a profit-related pay scheme if—
(a)he is the employer of employees to whom the scheme relates; or
(b)he is a partner or an employee of, or partner of an employee of, a person within subsection (3) below; or
(c)he is an employee of a person within paragraph (b) above.
(3)The persons within this subsection are—
(a)any person having employees to whom the scheme relates;
(b)any body corporate which is the subsidiary or holding company of a body corporate within paragraph (a) above or a subsidiary of such a body’s holding company.
(4)For the purposes of this section—
(a)an auditor of a company is not to be regarded as an employee of it; and
(b)“holding company” and “subsidiary” are to be construed in accordance with section 736 of the Companies Act 1985 or Article 4 of the Companies (Northern Ireland) Order 1986.
(5)A body corporate cannot be an independent accountant in relation to a scheme.
(6)For the purposes of this Chapter, “independent accountant”, in relation to a scheme, includes a Scottish firm all the partners of which are independent accountants in relation to the scheme.