BIM44120 - Specific deductions - employee share schemes: Contributions to QUESTs, a/c periods starting before 1 Jan 2003 - trust office

A qualifying employee share ownership trust (QUEST) should be dealt with by the appropriate Trust office (see TSEM1420).

The office dealing with the founding company’s corporation tax returns and accounts should:

• ascertain when the trust was established and determine whether the founding company was UK resident and not controlled by another company at that time,
• advise the appropriate Trust office and arrange for a trust file to be opened as soon as it becomes aware of the existence of the trust,
• advise any office dealing with the other companies in the founding company’s group (FA89/SCH5/PARA4 (9)) of the Trust office and reference. If an office dealing with any other company in the group becomes aware of the existence of an ESOT, but has not been given the Trust office and reference, it should advise the founding company’s tax office.