Section 137 | Part-time workers: miscellaneous provisions.

(1)In Schedule 8 to the Taxes Act 1988 (profit-related pay schemes) paragraph 8(a) (employees working less than 20 hours a week excluded by scheme from receiving profit-related pay) shall be omitted.^F1

(2)Repealed^F2

(3)Repealed^F2

(4)In Part V of Schedule 9 to the Taxes Act 1988 (profit sharing schemes) in paragraph 36(1)(a) (certain full-time employees and directors must be eligible to participate in scheme on similar terms) for the words “a full-time employee” there shall be substituted “ an employee ”.

(5)In Schedule 5 to the Finance Act 1989 (employee share ownership trusts) in paragraph 4(2)(c) (trust deed must provide that certain persons are beneficiaries if they work at rate of at least 20 hours a week) for the words “at that given time he worked as an employee or” there shall be substituted “ in the case of a director, at that given time he worked as a ”.

(6)Subsection (1) above shall apply in relation to any scheme not registered before the day on which this Act is passed.^F1

(7)Subsection (4) above shall apply in relation to any scheme not approved before the day on which this Act is passed.^F3

(8)Repealed^F4

(9)Subsection (5) above shall apply in relation to trusts established on or after the day on which this Act is passed; and for this purpose a trust is established when the deed under which it is established is executed.