http://www.legislation.gov.uk/ukpga/1996/8/section/119/2002-04-01
Finance Act 1996
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
1996-04-29
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Statute Law Database
2024-05-17
2002-04-01
Finance Act 1996
Sch. 26
para. 16
Finance (No. 2) Act 2005
Sch. 6
para. 9(1)(b)
Sch. 11
Pt. 2(6)
Sch. 6
para. 9(2)
Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter IV Share Options, Profit Sharing and Employee Share Ownership
Employee share ownership trusts
119 Removal of requirement for at least one year’s service.
1
In Schedule 5 to the M1Finance Act 1989 (employee share ownership trusts) in paragraph 4(5)(a) (for a trust to be a qualifying ESOT, its beneficiaries must have been employees or directors of the company for at least one year) the words “not less than one year and” shall cease to have effect.
2
This section applies to trusts established on or after the day on which this Act is passed.