SCHEDULES
SCHEDULE 37Companies owned by employee-ownership trusts
PART 4Miscellaneous amendments
Income Tax (Earnings and Pensions) Act 2003
22
I11
In paragraph 9 of Schedule 5 to ITEPA 2003 (enterprise management incentives: the independence requirement), after sub-paragraph (4) insert—
5
But the independence requirement is treated as met if the company is subject to an employee-ownership trust (within the meaning of paragraph 27(4) to (6) of Schedule 2).
2
The amendment made by this paragraph comes into force in accordance with provision contained in an order made by the Treasury.
3
Section 1014(4) of ITA 2007 (orders etc subject to annulment) does not apply in relation to an order under sub-paragraph (2).