51. Employee share ownership trusts.

As of 6 April 1997 this text has repealed

 (1)

(a) This section applies to an employee share ownership trust which the Revenue Commissioners have approved of as a qualifying employee share ownership trust in accordance with the provisions of the Third Schedule and which approval has not been withdrawn.

(b) This section shall be construed together with the Third Schedule.

(2) Where, in an accounting period of a company, the company expends a sum -

(a) in establishing a trust to which this section applies, or

(b)

(i) in making a payment by way of contribution to the trustees of a trust which at the time the sum is expended is a trust to which this section applies, and

(ii) at that time, the company or a company which it then controls has employees who are eligible to benefit under the terms of the trust deed, and

(iii) before the expiry of the expenditure period the sum is expended by the trustees for one or more of the qualifying purposes,

then, the sum shall be included -

(I) in the s

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