(1) Where shares in a company are held on trust for the purposes of a pension scheme or employees' share scheme, there shall be disregarded for the purposes of section 138 any residual interest that has not vested in possession.
(2) A "residual interest" means a right of the company or subsidiary ("the residual beneficiary") to receive any of the trust property in the event of -
(a) all the liabilities arising under the scheme having been satisfied or provided for, or
(b) the residual beneficiary ceasing to participate in the scheme, or
(c) the trust property at any time exceeding what is necessary for satisfying the liabilities arising or expected to arise under the scheme.
(3) In subsection (2) -
(a) the reference to a right includes a right dependent on the exercise of a discretion vested by the scheme in the trustee or another person, and
(b) the reference to liabilities arising under a scheme includes liabilities that have resulted, or may result, from the exercise of any such dis
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