A settlement meets the all-employee benefit requirement if the trusts of the settlement—
Section 236K makes provision about the requirement in subsection (1)(a).
"Eligible employee" means—
but does not include an excluded participator.
But where—
that person continues to be an "eligible employee".
"Excluded participator" means—
The participators in a company who are referred to in subsection (5) do not include any participator who—
In this section—
"authorised transfer" means a transfer of property consisting of or including any ordinary share capital of a company ("the transferred company") where—and for this purpose references to "C" in sections 236I, 236M and 236T and this section are to be read as references to the transferred company,the transferred company meets the trading requirement, andthe transfer is made to the trustees of a settlement which—meets the controlling interest requirement with respect to the transferred company immediately after the transfer, andmeets the all-employee benefit requirement with respect to the transferred company (ignoring section 236L),
"close company" and "participator" have the same meaning as in Part 4 of the Inheritance Tax Act 1984 (see section 102 of that Act), and references to a participator in a company are, in the case of a company which is not a close company, to be construed as references to a person who would be a participator in the company if it were a close company,
"the look-back date" means the first day of the period of 10 years ending with whichever is later of—10 December 2013, andthe day on which any property first became comprised in the settlement, and
"relevant group company" means C or any other company which is a member of the group of which C is the principal company.
In this section references to the settled property include references to any income arising from it.
See section 236L for cases where the all-employee benefit requirement is treated as met.