Part 4Employment income: exemptions
F1CHAPTER 10AExemptions: bonus payments by certain employers
312ESection 312B: the indirect employee-ownership requirement
1
For the purposes of section 312B, a company meets the indirect employee-ownership requirement if—
a
a settlement meets the controlling interest requirement in respect of—
i
the company, or
ii
if the company is a member of a trading group, but not the principal company, that principal company, and
b
the settlement meets the all-employee benefit requirement.
2
For this purpose—
a
section 236M of TCGA 1992 applies to determine if a settlement meets the controlling interest requirement in respect of the company mentioned in subsection (1)(a)(i) or (ii) (as the case may be), and
b
sections 236J and 236K of that Act apply to determine if the settlement meets the all-employee benefit requirement (but see subsection (3)).
3
If a settlement would not otherwise meet the all-employee benefit requirement at any time during the qualifying period, section 236L of TCGA 1992 applies for the purposes of subsection (1)(b), unless the all-employee benefit requirement has (ignoring that section) previously been met at any time in the period—
a
beginning with 10 December 2013, and
b
ending immediately before that time.
4
For the purposes of subsections (2) and (3)—
a
in sections 236I to 236M of TCGA 1992 references to C are to be read as references to the company in respect of which the settlement is required to meet the controlling interest requirement (see subsection (1)(a)), and
b
section 236L of that Act applies as if the reference in subsection (1)(c) of that section to the period of 12 months ending with the time in question were a reference to the period of 12 months ending with the date the payment is made (even if the qualifying period is a period of less than 12 months by virtue of section 312B(3)).
Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5