Taxes Consolidation Act 1997 Schedule 2A paragraph 5

Declaration to be made by qualifying employee share ownership trust

Schedule 2A paragraph 5 sets out the form and content of the declaration that a qualifying employee share ownership trust must make in order to receive relevant distributions without deduction of dividend withholding tax.

• A qualifying employee share ownership trust that is beneficially entitled to relevant distributions may make a written declaration to the company paying the distributions, enabling payment without DWT deduction.
• The declaration must be signed by the person beneficially entitled, made on a Revenue-prescribed form, and must confirm that the recipient is a qualifying employee share ownership trust.
• The declaration must state that the distributions form part of the trust's income and will be applied in accordance with the qualifying purposes set out in Schedule 12 paragraph 13.
• The declarer must undertake to notify the paying company in writing if the trust ceases to be a qualifying employee share ownership trust, and must include any other information Revenue may reasonably require.