BIM44110 - Specific deductions - employee share schemes: Contributions to QUESTs, a/c periods starting before 1 Jan 2003 - receipts of claims under FA89/S67

Where a claim to relief under FA89/S67 is made by a company in respect of a contribution paid to an Employee Share Ownership Trust the person examining the company’s corporation tax return and accounts should:

• ascertain whether the trust deed has already been sent to the relevant trust office (see BIM44120) and, if not, should request two copies from the company,
• be satisfied that, at the time the contribution was made,

• • the company, or a company which it then controlled, had employees who were eligible to benefit under the terms of the trust deed (FA89/S67 (1)(b)), and
  • the company was resident in the UK (FA89/S67 (1)(c)),

• obtain from the company details of the amount of the contribution and confirmation that, before the expiry of the expenditure period, the sum was expended by the trustees for one or more of the qualifying purposes (FA89/S67 (1)(d)),
• refer the claim, and the information and documents obtained, to the Employee Share Schemes Unit, Capital & Savings, Somerset House. On first claims, the file containing the Articles of Association of the company which established the trust should also be sent.

The Employee Share Schemes Unit will then advise whether the claim should be accepted.