CG67838 - Reliefs: employee-ownership trusts: conditions: the 'all-employee benefit requirement' and the 'equality requirement': 'eligible employee'
TCGA92/S236J(3)-(5) and (7)
Where C is a trading company, an 바카라 사이트˜eligible employee바카라 사이트™ is any individual who is employed by, or is an office holder of, that company.
Where C is the principal company of a trading group, an 바카라 사이트˜eligible employee바카라 사이트™ is any individual who is employed by, or is an office holder of, a relevant group company. A company is a relevant group company where it is C or any company that is a member of the group of which C is the principal company.
A person continues to be an 바카라 사이트˜eligible employee바카라 사이트™ where
- C has ceased to meet the 바카라 사이트˜trading requirement바카라 사이트™, or
- the trustees have ceased to hold any shares in C, or
- both the above have occurred,
and that person was an 바카라 사이트˜eligible employee바카라 사이트™ at any time during the period of two years ending immediately before either the first or second event above or, where both have occurred, the earlier of them. This means that in certain exceptional circumstances, as a result of which there may be relatively few, or possibly no, 바카라 사이트˜eligible employees바카라 사이트™ under the main definition, the trustees will still be able to make distributions to beneficiaries on an appropriate basis.
Example 9
Hassaleh Widgets Limited permanently ceased to trade on 6 June 2015 and was subsequently liquidated. The winding up was completed on 23 August 2016, at which time the trustees of the Hassaleh Widgets Limited EOT ceased to hold any shares in the company. Any individual who was an 바카라 사이트˜eligible employee바카라 사이트™ of Hassaleh Widgets Limited at any time from 7 June 2013 to 6 June 2015 will continue to be an 바카라 사이트˜eligible employee바카라 사이트™ for the purposes of the 바카라 사이트˜all-employee benefit requirement바카라 사이트™.
An 바카라 사이트˜excluded participator바카라 사이트™, see CG67839, cannot be an 바카라 사이트˜eligible employee바카라 사이트™.