The following Share Incentives Q&A provides comprehensive and up to date legal information covering:
An employee benefit trust (EBT) is a discretionary trust which means that it is a trust for a class of beneficiaries as opposed to individuals.
Typically, EBTs are set up to fall within the definition of an ‘employees’ share scheme’ in section 1166 of the Companies Act 2006 (CA 2006). This provides exemptions from certain company law requirements which will normally otherwise apply. For further information, see Practice Note: The Companies Act definition of employees' share scheme and its implications.
CA 2006, s 1166 defines an ‘employees’ share scheme’ as ‘a scheme for encouraging or facilitating the holding of shares in or debentures of a company by or for the benefit of:
the bona fide employees or former employees of:
any subsidiary of the company
the company’s holding
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