Explanatory note

This Order brings into force the amendment made by paragraph 22(1) of Schedule 37 to the Finance Act 2014^f1 to paragraph 9 of Schedule 5 to Income Tax (Earnings and Pensions) Act ^f2 (enterprise management scheme: the independence requirement). The effect of the amendment is to amend the independence requirement for the enterprise management incentives tax-advantaged employee share scheme to accommodate companies that are subject to an employee-ownership trust.