688 Schemes for employees and directors to acquire shares.U.K.
M1Where under a scheme set up to comply with section 153(4)(b) of the M2Companies Act 1985 or Article 163(4)(b) of the M3Companies (Northern Ireland) Order 1986 (financial assistance for company employees and salaried directors acquiring shares) trustees receive interest from such employees or directors then, if and so far as the scheme requires an equivalent amount to be paid by way of interest by the trustees to the company, the trustees shall be exempt from tax under Case III of Schedule D on that interest received by them.