An employee trust could also be established by an individual, for example a shareholder in the relevant company, including by their Will.
If the terms of the trust meet requirements prescribed by tax or other regulations, then the employee trust is likely to be known by the name given in the relevant regulations, for example, a share incentive plan or an employee stock ownership plan.
Such a general employee trust may, nevertheless, in practice be intended to achieve a particular purpose and be named accordingly.
[11] This legislation imposed an immediate charge to income tax on the full value of such loans (or other benefits) provided from that date.
The Supreme Court ruled in 2017 that although the (indefinitely extended) loans were valid, the money paid into the trust by Rangers for an employee's benefit was income subject to income tax and national insurance deductions in the same manner as if it was paid directly to the employee.