SCHEDULES

SCHEDULE 37Companies owned by employee-ownership trusts

PART 4Miscellaneous amendments

Income Tax (Earnings and Pensions) Act 2003

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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).