SCHEDULE 8 Employee share ownership plans
Part III Eligibility of individuals
Meaning of “associate"
20
(1)
In paragraph 15 (the “no material interest” requirement) “associate”, in relation to a person, means—
(a)
any relative or partner of that person,
(b)
the trustee or trustees of any settlement in relation to which that person, or any relative of his (living or dead), is or was a settlor, and
(c)
where that person is interested in any shares or obligations of the company which are subject to any trust, or are part of the estate of a deceased person, the trustee or trustees of the settlement concerned or (as the case may be) the personal representatives of the deceased.
(2)
In sub-paragraph (1)(a) and (b) “relative” means husband or wife, parent or remoter forebear, child or remoter issue, or brother or sister.
(3)
In sub-paragraph (1)(b) “settlor” and “settlement” have the same meaning as in Chapter IA of Part XV of the Taxes Act 1988 (see section 660G(1) and (2)).