Related Commentary  

551(1)  For the purposes of section 550 (meaning of “employee benefit trust” ) a “qualifying disposal”  is a disposal of property consisting of–

(a)any of the ordinary share capital of the company, or

(b)money paid outright,

where any of conditions 1, 2 and 3 is met.

551(2)  Condition 1 is that the property has been applied for the benefit of–

(a)individual employees or former employees of the company,

(b)spouses or civil partners, former spouses or civil partners, widows or widowers or surviving civil partners of employees or former employees of the company,

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