Finance Act, 2001
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Amendment of provisions relating to employee share schemes. |
16.—The Principal Act is amended— | |
(a) in Schedule 11, as respects profit sharing schemes approved on or after the passing of this Act, by the substitution in subparagraph (1A) (inserted by the Finance Act, 1998 ) of paragraph 4 of the following for clause (b): | ||
“(b) For the purposes of this subparagraph— | ||
(i) ‘a group of companies’ means a company and any other companies of which it has control or with which it is associated, and | ||
(ii) a company shall be associated with another company where it could reasonably be considered that— | ||
(I) both companies act in pursuit of a common purpose, | ||
(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 | ||
(III) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity.”, | ||
(b) in Schedule 12, as respects employee share ownership trusts approved on or after the passing of this Act, by the substitution in paragraph 2(2) (inserted by the Finance Act, 1998 ) of the following for clause (b): | ||
“(b) For the purposes of this subparagraph— | ||
(i) ‘a group of companies’ means a company and any other companies of which it has control or with which it is associated, and | ||
(ii) a company shall be associated with another company where it could reasonably be considered that— | ||
(I) both companies act in pursuit of a common purpose, | ||
(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 | ||
(III) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity.”, | ||
and | ||
(c) in Schedule 12A (inserted by the Finance Act, 1999 ), as respects savings-related share option schemes approved on or after the passing of this Act, by the substitution in paragraph 3 of the following for subparagraph (3): | ||
“(3) For the purposes of subparagraph (2)— | ||
(a) ‘a group of companies’ means a company and any other companies of which it has control or with which it is associated, and | ||
(b) a company shall be associated with another company where it could reasonably be considered that— | ||
(i) both companies act in pursuit of a common purpose, | ||
(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 | ||
(iii) both companies are under the control of any person or group of persons or groups of persons having a reasonable commonality of identity.”, |