qualifying employee share ownership trust
A statutory employee share trust (as opposed to a common law ESOP trust). Employee share trusts are discretionary trusts, the beneficiaries of which are employees and former employees of the company establishing the trust and, if the establishing company is a parent company, any companies in the group. Trust assets comprise shares in the establishing company that are distributed to beneficiaries usually through some sort of company share scheme. The main advantage of a QUEST is that gifts made to it by the establishing company (or group companies) whose employees are beneficiaries of the QUEST and which are spent in accordance with the legislation are guaranteed to be tax deductible.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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