The Gazette 1986

j u l y / a u g u s t 1986

g a z e t t e

period of retention (i.e. 2 years after appropria- tion) except in cases of bonus issues, share exchanges, etc. (paragraph 13(1)) - prohibiting the disposal of shares between the second and fifth year after appropriation except on the direction of the participant (or any person in whom the beneficial interest is vested, e.g., if participant is deceased) and at that time pays the appropriate income tax and directs the best sale price for the shares be obtained (s.52(l) (c) and (d) and paragraph 13(2)). - maintenance of scheme record and to inform employees of their income tax liabilities (para- graph 15). It might be noted that the Confederation of Irish Industry have a specimen trust deed which they have approved with the Revenue Commissioners. 4 Eligibility to Participate The Revenue must be satisfied that every person who:— - is a full-time employee or director of the company - has been an employee at all times during the qualifying period which may not be greater than 5 years

Approval of Scheme The approval of the Revenue Commissioners may be granted to a body corporate (the company concerned) which has established a profit sharing scheme which complies with conditions set out in Part I of the Third Schedule to the 1982 Act. There may not be approval if there are rules which are not necessary for the purposes of such a scheme. There is provision for a group scheme where a body corporate which has control over one or more other companies to establish a scheme 'expressed to extend to all or any of the companies of which it has control', (paragraph 2). Trust There must be provision for a body of persons known as trustees who are resident in the State who may be a body corporate, individuals or a combination thereof. The trustees are required to acquire eligible shares (considered below) and appropriate them to eligible individuals who participate in the scheme. Their functions are regulated by a trust deed (paragraph 3). The trust deed and rules have to be drafted and submitted to the Revenue for approval. The deed and rules must include provisions for:— - notice in writing to employees stating number, description and initial market value of shares as soon as possible after appropriation (paragraph 12)

ing the disposal of shares during the

- pays income tax under Schedule E

\bur money deserves the Ansbacner interest

With Ansbacher your deposit enjoys a high interest rate, both at call and for fixed periods - with complete security. You are assured of personal attention and quality service at all times. Call in and see us. Or ring our dealers direct, at 760165. 766313, 766168 or 766267. . . A . - j^t&H • ANSBACHER BANKERS 52 Lower Leeson Street. Dublin 2. k- ..

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