PART III SETTLED PROPERTY
C1C2C3C4CHAPTER III SETTLEMENTS WITHOUT INTERESTS IN POSSESSION F1, AND CERTAIN SETTLEMENTS IN WHICH INTERESTS IN POSSESSION SUBSIST
See Finance Act 1990 s. 126—exemption for pools payments to trustees for football ground improvements in respect of events on or after 6April 1990.
Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 57(1) (with s. 283(5))
Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 56(2)(b) (with s. 283(5))
Part III Chapter III (ss.58-85) excluded by Finance Act 1991 (c.31, SIF 63:1), s. 121(4).
Pt. III Ch. III (ss. 58-85) restricted (3.5.1994) by 1994 c. 9, s. 248
Special cases—reliefs
75AF2Property becoming subject to employee-ownership trust
1
Tax is not charged under section 65 in respect of shares in or securities of a company (“C”) which cease to be relevant property on becoming held on trusts of the description specified in section 86(1) if the conditions in subsection (2) are satisfied.
2
The conditions referred to in subsection (1) are—
a
that C meets the trading requirement,
b
that the trusts are of a settlement which meets the all-employee benefit requirement, and
c
that the settlement does not meet the controlling interest requirement immediately before the beginning of the tax year in which the shares or securities cease to be relevant property but does meet it at the end of that year.
3
Sections 236I, 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether—
a
C meets the trading requirement;
b
the settlement meets the all-employee benefit requirement;
c
the settlement meets the controlling interest requirement;
with references in those sections to “C” being read accordingly.
4
In this section “tax year” means a year beginning on 6 April and ending on the following 5 April.
Words in Pt. 3 Ch. 3 heading added (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 para. 20(5)