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.