The circumstances mentioned in E4.1057 are described below.
Earmarking etc of sum of money or asset
This provision is designed to catch situations where a fund is set aside for an employee (perhaps via a sub fund of an Employee Benefit Trust (EBT)) and imposes a charge at that point, ie before the employee has necessarily had a benefit from that fund. The mere fact of earmarking is sufficient to create a relevant step.
A person (P) takes a relevant step if1:
- Ìý
(a)ÌýÌýÌýÌý a sum of money or asset held by or on behalf of P is earmarked (however informally) by P with a view to a later relevant step being taken by P or any other person in relation to that sum or asset (or any sum or asset derived from it), or
- Ìý
(b)ÌýÌýÌýÌý a sum of money or asset otherwise starts being held by or on behalf of P, specifically with a view, so far as P is concerned, to a later relevant step being
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 16:59