Approved Profit Sharing Scheme (APSS) Trust Deed template
Value bundles that include this:
Use this Approved Profit Sharing Scheme (APSS) Trust Deed to establish the trust and outline the rules and administration of the scheme.
Why this template is necessary
This Approved Profit Sharing Scheme (APSS) Trust Deed template aims to offer you a versatile and customisable tool, serving as a solid foundation for your needs. Utilise it to ensure consistency, enhance accuracy, and save valuable time.
Adapt it to suit your unique requirements, ensuring efficiency and effectiveness in your HR processes.
Specifications
5 mins
406 words, 2 pages A4
1 October 2024
Approved Profit Sharing Scheme (APSS) Trust Deed
Approved Profit Sharing Scheme (APSS) Trust Deed
Between:
[Your Company Name] (hereinafter referred to as the "Company")
And:
[Name of the Trustee] (hereinafter referred to as the "Trustee")
Date of Trust Deed: [Date]
1. Background
1.1 This Trust Deed establishes the [Your Company Name] Approved Profit Sharing Scheme ("APSS") Trust (hereinafter referred to as the "Trust") in accordance with the provisions of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) and other applicable laws and regulations.
2. Purpose and Objectives
2.1 The primary purpose of the Trust is to hold and manage the assets allocated to the APSS in accordance with the scheme rules and provisions.
2.2 The objectives of the Trust include:
a. To provide eligible employees of [Your Company Name] with an opportunity to participate in the APSS. b. To hold, safeguard, and manage the shares or other assets allocated to participants in the APSS. c. To ensure compliance with all relevant laws, regulations, and tax requirements related to the APSS.
3. Appointment of Trustee
3.1 [Your Company Name] appoints [Name of the Trustee] as the Trustee of the APSS Trust.
4. Duties and Responsibilities of the Trustee
4.1 The Trustee agrees to act in accordance with the terms and conditions of this Trust Deed and the scheme rules of the APSS.
4.2 The Trustee's duties and responsibilities include, but are not limited to:
a. Safeguarding and managing the assets held in trust for the benefit of participants in the APSS.
b. Distributing shares or benefits to eligible participants as outlined in the scheme rules.
c. Ensuring compliance with all relevant tax laws and regulations.
d. Providing accurate records and reports as required by the Company and regulatory authorities.
e. Acting in the best interests of participants in the APSS and upholding the fiduciary duty associated with the role.
5. Termination of Trust
5.1 The Trust may be terminated by [Your Company Name] or by the Trustee with written notice to the other party.
6. Governing Law
6.1 This Trust Deed shall be governed by and construed in accordance with the laws of [Specify Jurisdiction].
7. Entire Agreement
7.1 This Trust Deed contains the entire understanding between [Your Company Name] and the Trustee concerning the APSS Trust.
8. Execution
8.1 This Trust Deed is executed by the parties as of the date first above written.
[Your Company Name] By: _______________________________ [Authorised Signatory] [Date]
[Name of the Trustee] By: _______________________________ [Authorised Signatory] [Date]