Paragraph 12
United Kingdom
(1)
The arrangements for the plan must not make any provision, or be in any way associated with any provision made, for loans to some or all of the employees of—
(a)
the company, or
(b)
in the case of a group plan, any participating company,
and the operation of the plan must not be in any way associated with such loans.
(2)
For the purposes of sub-paragraph (1) “arrangements” includes any scheme, agreement, undertaking or understanding, whether or not legally enforceable.
Notes on Schedule 8
Textual amendments
- F1
Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)