Part Y
Definitions and related matters
Associated persons and nominees:
Table Y1: Associated person rules
YB 15Exceptions for employee trusts
Section YB 6(1) does not apply if—
- the trust is only for the benefit of employees of an employer; and
- neither the beneficiary nor any person associated with the beneficiary directly or indirectly controls the trust.
For a settlor that is not a company, sections YB 7, YB 8, and YB 9(1) do not apply if—
- the settlor settles property on the terms of the trust only for the benefit of employees of the settlor; and
- neither the settlor nor any person associated with the settlor directly or indirectly controls the trust.
For a settlor that is a company, sections YB 7, YB 8, and YB 9(1) do not apply if—
- the settlor settles property on the terms of the trust only for the benefit of its employees; and
- none of the following directly or indirectly controls the trust:
- the settlor:
- a person associated with the settlor:
- an executive of the settlor:
- a director of the settlor:
- a person holding a direct voting interest of 25% or more in the settlor:
- if a market value circumstance exists for the settlor, a person holding a direct market value interest of 25% or more in the settlor.
- the settlor:
Section YB 11 does not apply if—
- the trust is only for the benefit of employees of an employer; and
- neither the person (person A) who has a power of appointment or of removal of a trustee nor a person associated with person A directly or indirectly controls the trust.
Notes
- Section YB 15: substituted, on , by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).