TRSM23040 | Types of trust that need to be registered: contents: excluded express trusts: contents: employee share scheme trusts

Trusts arising from employee share schemes are, subject to certain conditions, excluded from registration as express trusts (Sch3A(20) and (21) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017).

The trust must be either:

• the plan trust of a share incentive plan (SIP) which meets the requirements of Part 9 of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003.

• A trust created under a share option scheme that meets the requirements of Parts 2 to 7 of Schedule 3 to the Income Tax (Earnings and Pensions Act 2003.

For further information see ETASSUM20000.