Related Commentary  Related HMRC Manuals

445(1)  If shares in a company (“C”) are held on trust for a registered pension scheme, the persons holding the shares are to be treated, for the purposes of section 444(2) and (3)

(a)as the beneficial owners of the shares, and

(b)in that capacity, as a company which is not a close company.

445(2)  But subsection (1) does not apply if the scheme is established wholly or mainly for the benefit of–

(a)directors, employees, past directors or past employees of a company within subsection (3), or

(b)dependants of an individual within paragraph (a).

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