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Paragraph 33

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

In applying paragraph 31 (meaning of “material interest”) there shall be disregarded—

(a)

the interest of the trustees of—

(i)

any profit-sharing scheme approved under Schedule 9 to the Taxes Act 1988, or

(ii)

any employee share ownership plan approved under Schedule 8 to this Act,

in any shares which are held by them in accordance with the scheme or plan but which have not been appropriated to, or acquired on behalf of, an individual; and

(b)

any rights exercisable by those trustees by virtue of any such interest.

Notes on Schedule 14

Textual amendments

F1

Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)