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Status:
Point in time view as at 06/04/2003.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1989, Paragraph 12A.
Changes to Legislation
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[12A(1)Subject to sub-paragraphs (2) and (3) below, a trust which was at the time it was established a qualifying employee share ownership trust shall continue to be one.U.K.
(2)If the trust deed makes provision under paragraph 3A(a) above, the trust shall not be a qualifying employee share ownership trust at any time when the requirements mentioned in paragraph 3(3)(a) to (f) above are not satisfied.
(3)If the trust deed makes provision under paragraph 3A(b) above, the trust shall not be a qualifying employee share ownership trust at any time when the conditions mentioned in paragraph 3B(4)(a) to (e) above are not satisfied.
(4)If the trust deed makes provision under paragraph 3A(c) above, the trust shall not be a qualifying employee share ownership trust at any time when—
(a)there is not a single trustee,
(b)the trustee is not a company which is resident in the United Kingdom and controlled by the founding company, or
(c)the conditions mentioned in paragraph 3C(4)(a) to (e) above are not satisfied as regards the directors of the trustee.
(5)This paragraph applies in relation to trusts established after the day on which the Finance Act 1994 was passed.]
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