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Changes over time for: Section 550


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This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 13/06/2003.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Section 550 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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550Meaning of “employee benefit trust”U.K.
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Nodiadau Esboniadol
(1)In this Chapter “employee benefit trust”, in relation to a company, means a trust where conditions A and B are met.
(2)Condition A is that all or most of the employees of the company are eligible to benefit under the trust.
(3)Condition B is that after 13th March 1989 either—
(a)there has been no disposal of any of the property subject to the trust, or
(b)any disposal of any of that property was a disposal within subsection (4).
(4)The disposals within this subsection are—
(a)disposals in the ordinary management of the trust, or
(b)qualifying disposals (within the meaning given by section 551).
(5)In this section and section 551 “disposal” means disposal by sale, loan or otherwise.
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