[236J All-employee benefit requirement]

[236J  All-employee benefit requirement]

[(1)     A settlement meets the all-employee benefit requirement if the trusts of the settlement—

(a)     do not permit any of the settled property to be applied, at any time, otherwise than for the benefit of all the eligible employees on the same terms,

(b)     do not permit the trustees at any time to apply any of the settled property—

(i)     by creating a trust, or

(ii)     by transferring property to the trustees of any settlement other than by an authorised transfer,

(c)     do not permit the trustees at any time to make loans to beneficiaries of the trusts, and

(d)     do not permit the trustees or any other person at any time to amend the trusts in a way such that the amended trusts would not comply with one or more of paragraphs (a) to (c).

(2)     Section 236K makes provision about the requirement in subsection (1)(a).

(3)     “Eligible employee” means—

(a)     if C meets the trading requirement by virtue of section 236I(1)(a), any individual who is

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