BIM44075 - Specific deductions - employee share schemes: Contributions to QUESTs, a/c periods starting before 1 Jan 2003 - whether a qualifying trust

A trust is a qualifying employee share ownership trust (QUEST) if, at the time it is established, it satisfies the conditions set out in FA89/SCH5/PARA2 - PARA11.

A trust ceases to be a qualifying trust for any time when the trustee requirements set out in FA89/SCH5/PARA3 (3)(3B) or (3C) are not satisfied.

Before a deduction under FA89/S67 is admitted, confirmation should always be obtained from the Employee Share Schemes Unit, Capital & Savings, Somerset House, that the trust is a qualifying trust, whether or not previous claims have been allowed.

The Employee Share Schemes Unit should also be informed if a deduction is allowed, without a claim under FA89/S67, (see BIM44090), for a payment to a trust which has at some time been a qualifying trust.