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Amendment of section 774 of Principal Act (certain approved schemes: exemptions and reliefs)
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17. Section 774(6) of the Principal Act is amended—
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(a) by inserting the following paragraph after paragraph (a):
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“(aa) For the purposes of this section—
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‘relevant contributor’ means a company (‘the first-mentioned company’) which pays contributions under an exempt approved scheme for the benefit of scheme members who are not its employees, where—
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(i) the contributions are paid under the terms of a legally binding agreement between the first-mentioned company and another company or companies,
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(ii) the agreement was entered into—
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(I) between 2 or more companies (including the first-mentioned company) within a group,
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(II) under a scheme of reconstruction or amalgamation,
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(III) under a merger,
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(IV) under a division, or
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(V) under a joint venture,
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(iii) the scheme members are either current or former employees of one of the parties to that agreement, and
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(iv) the contributions would qualify for relief under paragraph (c) if the scheme members were employees of the first-mentioned company;
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‘group’ means 2 or more companies which satisfy the conditions for group relief under section 411;
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‘scheme of reconstruction or amalgamation’ has the same meaning as in section 615;
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‘merger’ and ‘division’ have the same meaning as in section 638A;
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‘joint venture’ means an agreement between 2 or more companies, other than within a group.”,
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and
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(b) in paragraph (b), by inserting “or relevant contributor” after “an employer”.
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