BIM44105 - Specific deductions - employee share schemes: Contributions to QUESTs, a/c periods starting before 1 Jan 2003 - identification rules

Trustees are to be deemed to use contributions received from contributing companies in the order in which they receive them (FA89/S67 (7)). Such contributions should be deemed to be used first to meet any expenditure for qualifying purposes. Expenditure on non-qualifying purposes should be deemed to be met, so far as possible, out of other income (for example, dividends, interest etc) received by trustees.

Refer to the Employee Share Schemes Unit, Capital & Savings, Somerset House, any difficulties arising from the identification of contributions with expenditure.