10U.K.The trust deed must not contain features which are not essential orreasonably incidental to the purpose of acquiring sums and securities, [F1granting rights to acquire shares to persons who are eligible to participate in savings-related share option schemes approved under Schedule 9 to the Taxes Act 1988, transferring shares to such persons,] transferring sums and securities to employees and directors, and transferringsecurities to the trustees of profit sharing schemes approved under [F2that Schedule].
Textual Amendments
F1Words in Sch. 5 para. 10 inserted (29.4.1996 with effect in relation to trusts established on or after 29.4.1996) by 1996 c. 8, s. 120(11)(a)(12)
F2Words in Sch. 5 para. 10 substituted (29.4.1996 with effect in relation to trusts established on or after 29.4.1996) by 1996 c. 8, s. 120(11)(b)(12)
Modifications etc. (not altering text)
C1 See Finance Act 1990 (c. 29) ss.31–40—roll-over relief for disposal of shares to employeeshare ownership trusts