Part V Requirements Applicable to Profit Sharing Schemes
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

Part V Requirements Applicable to Profit Sharing Schemes

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(1)     The scheme must provide for the establishment of a body of persons resident in the United Kingdom (“the trusteesâ€)—

(a)     who, out of moneys paid to them by the grantor or, in the case of a group scheme, a participating company, are required by the scheme to acquire shares in respect of which the conditions in paragraphs 10 to 12 and 14 above are fulfilled; and

(b)     who are under a duty to appropriate shares acquired by them to individuals who participate in the scheme, not being individuals who are ineligible by virtue of paragraph 8 or 35 of this Schedule; and

(c)     whose functions with respect to shares held by them are regulated by a trust which is constituted under the law of a part of the United Kingdom and the terms of which are embodied in an instrument which complies with the provisions of paragraphs 31 to 34 below.

(2)     If at any time after the Board have approved the scheme, an alteration is made in the terms of the trust referred to in sub-paragraph (1)(c) above, the approval shall not have effect after the date of the

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