Section 552 | Attribution of interest in company to beneficiary or associate

(1)This section applies if—

(a)after 13th March 1989 B, or an associate of B's, has received a payment (“the relevant payment”) from the trustees of the employee benefit trust, and

(b)at any time during the period of 3 years ending with the day on which the relevant payment was received (“the payment date”), the property subject to the trust consisted of or included any part of the ordinary share capital of the company.

(2)In such a case B or the associate is to be treated for the purposes of the listed provision as having been the beneficial owner of the appropriate percentage of the ordinary share capital of the company on the payment date.

(3)This is in addition to any percentage of that share capital of which B or the associate was actually the beneficial owner on that date.

(4)Section 553 explains what is meant by “the appropriate percentage”.