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Amendment of Schedule 11 (profit sharing schemes) to Principal Act.
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19.— (1) Schedule 11 to the Principal Act is amended—
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(a) in Part 2, paragraph 4, by inserting the following after subparagraph (1B):
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“(1C) (a) As respects a profit sharing scheme approved on or after 4 February 2010, the Revenue Commissioners shall be satisfied that there are no arrangements connected in any way, directly or indirectly, with the scheme, which make provision for a loan or loans to be made to some or all of the individuals eligible to participate in the scheme.
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(b) For the purposes of this subparagraph—
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‘arrangements’ include any scheme, agreement, undertaking, or understanding of any kind, whether or not it is, or it is intended to be legally enforceable;
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‘loan’ includes any form of credit.”,
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and
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(b) in Part 3, in paragraph 8 by substituting “Subject to paragraphs 8A and 8B,” for “Subject to paragraph 8A,”, and by inserting the following after paragraph 8A:
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“8B. (1) The shares shall not be shares—
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(a) in a service company, or
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(b) in a company that has control of a service company, where the company is under the control of a person or persons referred to in subparagraph (2)(a)(i) as it applies to a service company.
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(2) For the purposes of this paragraph—
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(a) a company is a service company if the business carried on by the company consists wholly or mainly of the provision of the services of persons employed by the company and the majority of those services are provided to—
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(i) a person who has, or 2 or more persons who together have, control of the company,
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(ii) a company associated with the company, or
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(iii) a partnership associated with the company,
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(b) a company is associated with another company where—
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(i) both companies are under the control (within the meaning of section 432) of the same person or persons, or
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(ii) it could reasonably be considered that—
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(I) both companies act in pursuit of a common purpose,
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(II) any person or any group of persons or groups of persons having a reasonable commonality of identity have or had the means or power, either directly or indirectly, to determine the trading operations carried on or to be carried on by both companies, or
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(III) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity,
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(c) a partnership is associated with a company where the partnership and the company act in pursuit of a common purpose,
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(d) a reference to a person includes a reference to a partnership, and
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(e) where a partner, or a partner together with another person or persons, has control of a company, the partnership is to be treated as having control of that company.”.
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(2) Paragraph (b) of subsection (1) applies to an appropriation of shares made by the trustees of an approved scheme (within the meaning of section 510(1)) on or after 4 February 2010.
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