Section 75A | Property becoming subject to employee-ownership trust ^F1

(1)Tax is not charged under section 65 in respect of shares in or securities of a company (“C”) which cease to be relevant property on becoming held on trusts of the description specified in section 86(1) if the conditions in subsection (2) are satisfied.^F1

(2)The conditions referred to in subsection (1) are—^F1

(a)that C meets the trading requirement,^F1

(b)that the trusts are of a settlement which meets the all-employee benefit requirement, and^F1

(3)Sections 236I, 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether—^F1

(a)C meets the trading requirement;^F1

(b)the settlement meets the all-employee benefit requirement;^F1

(c)the settlement meets the controlling interest requirement;^F1

with references in those sections to “C” being read accordingly.

(4)Repealed^F2F1