Tax is not charged under section 65 in respect of shares in or securities of a company ("C") which cease to be relevant property on becoming held on trusts of the description specified in section 86(1) if the conditions in subsection (2) are satisfied.
The conditions referred to in subsection (1) are—
that C meets the trading requirement,
that the trusts are of a settlement which meets the all-employee benefit requirement, and
Sections 236I, 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether—
C meets the trading requirement;
the settlement meets the all-employee benefit requirement;
the settlement meets the controlling interest requirement;
with references in those sections to "C" being read accordingly.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .