Regulation 4 Amendments to the Principal Regulations

After regulation 3 of the Principal Regulations there shall be inserted—

“3A

Where the scheme is established under a trust, the Board may grant approval of the scheme provisionally if the application is also accompanied by a written undertaking by the scheme administrator that provision is made so as to ensure that neither the capital nor the income of the trust fund is paid to a member of the scheme except by the provision of a benefit referred to in sections 633 to 637 of the Income and Corporation Taxes Act 1988.”.