Part VII Other property, businesses, investments etc.
Employee share ownership trusts
235 Information.
1
An inspector may by notice require a return to be made by the trustees of an employee share ownership trust in a case where—
a
a disposal of shares, or an interest in shares, has at any time been made to them, and
b
a claim is made under section 229(1) or (3).
2
Where he requires such a return to be made the inspector shall specify the information to be contained in it.
3
The information which may be specified is information the inspector needs for the purposes of sections 232 to 234 and may include information about—
a
expenditure incurred by the trustees;
b
assets acquired by them;
c
transfers of assets made by them.
4
The information which may be required under subsection (3)(a) above may include the purpose of the expenditure and the persons receiving any sums.
5
The information which may be required under subsection (3)(b) above may include the persons from whom the assets were acquired and the consideration furnished by the trustees.
6
The information which may be required under subsection (3)(c) above may include the persons to whom assets were transferred and the consideration furnished by them.
7
In a case where section 229(1) or (3) has been applied, the inspector shall send to the trustees of the employee share ownership trust concerned a certificate stating—
a
that the provision concerned has been applied, and
b
the effect of the provision on the consideration for the disposal or on the amount of the gain accruing on the disposal (as the case may be).
8
For the purposes of this section, the question whether a trust is an employee share ownership trust shall be determined in accordance with Schedule 5 to the M1Finance Act 1989.