(a) This section shall apply to an employee share ownership trust which the Revenue Commissioners have approved of as a qualifying employee share ownership trust in accordance with Schedule 12 and which approval has not been withdrawn.
(b) This section shall be construed together with Schedule 12.
(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) in making a payment by means 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 -
(i) 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
(ii) 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 sums to be deducted in computing for the purposes of Schedule D the profits
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