Textual Amendments
F1Pt. 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
(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)).]