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FINANCE ACT 1989. INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
- Case I: any emoluments for any year of assessment in which the person holding the office or employment is resident and ordinarily resident in the United Kingdom, subject however to section 192 if the emoluments are foreign emoluments (within the meaning of that section) and to section 193(1) if in the year of assessment concerned he performs the duties of the office or employment wholly or partly outside the United Kingdom; Case II: any emoluments, in respect of duties performed in the United Kingdom, for any year of assessment in which the person holding the office or employment is not resident (or, if resident, not ordinarily resident) in the United Kingdom, subject however to section 192 if the emoluments are foreign emoluments (within the meaning of that section); Case III: any emoluments for any year of assessment in which the person holding the office or employment is resident in the United Kingdom (whether or not ordinarily resident there) so far as the emoluments are received in the United Kingdom.
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FINANCE ACT 1989. SHARES SUBJECT TO AN EMPLOYEE BENEFIT TRUST
- Where an individual has an interest in shares or obligations of the company as a beneficiary of an employee benefit trust, the trustees shall not be regarded as associates of his by reason only of that interest unless sub-paragraph (3) below applies in relation to him. (2) In this paragraph "employee benefit trust" has the same meaning as in paragraph 7 of Schedule 8. (3) This sub-paragraph applies in relation to an individual if at any time on or after 14th March 1989 - (a) the individual, either on his own or with any one or more of his associates, or (b) any associate of his, with or without other such associates, has been the beneficial owner of, or able (directly or through the medium of other companies or by any other indirect means) to control, more than 25 per cent., or in the case of a share option scheme which is not a savings-related share option scheme more than 10 per cent., of the ordinary share capital of the company.
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INCORPORATE A NON-PROFIT COMPANY IN THE UK
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