Paragraph 19

United Kingdom

In applying paragraph 17(1) (meaning of material interest) there shall be disregarded—

(a)

the interest of the trustees of—

(i)

any approved profit sharing scheme, or

(ii)

an approved employee share ownership plan,

in any shares 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 8

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)