Taxes Consolidation Act 1997 Schedule 12 paragraph 7

Trustees

Paragraph 7 requires the trust deed of an approved profit sharing scheme to provide for the establishment of a body of trustees in one of three permitted structures.

• The trust deed must provide for the establishment of a body of trustees.
• The trustees must be constituted in accordance with one of three permitted structures set out in paragraphs 8, 9 or 10 of Schedule 12.
• No other trustee arrangement outside these three structures is permissible for an approved scheme.
• The trustee requirement is a condition that must be met for the scheme to obtain and retain Revenue approval.

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