Point in time view as at 22/07/2020.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 56 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
56(1)The plan must provide that, where the [F1plan is not to be a Schedule 2 SIP by virtue of paragraph 81H or 81I], any partnership share money held on behalf of an employee is to be paid over to the employee.U.K.
(2)The plan must require the payment to be made as soon as practicable after [F2the relevant day].
[F3(2A)If the plan is not to be a Schedule 2 SIP by virtue of paragraph 81H, in sub-paragraph (2) “the relevant day” means—
(a)the last day of the period in which notice of an appeal under paragraph 81K(2)(a) may be given, or
(b)if notice of such an appeal is given, the day on which the appeal is determined or withdrawn.
(2B)If the plan is not to be a Schedule 2 SIP by virtue of paragraph 81I, in sub-paragraph (2) “the relevant day” means—
(a)the last day of the period in which notice of an appeal under paragraph 81K(3) may be given, or
(b)if notice of such an appeal is given, the day on which the appeal is determined or withdrawn.]
(3)The plan must provide that, where a plan termination notice is issued in respect of the plan (see paragraph 90), any partnership share money held on behalf of an employee is to be paid over to the employee.
(4)The plan must require the payment to be made as soon as practicable after the plan termination notice is notified to the trustees under paragraph 89(2).
Textual Amendments
F1Words in Sch. 2 para. 56(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 25(2), 89 (with Sch. 8 paras. 90-96)
F2Words in Sch. 2 para. 56(2) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 25(3), 89 (with Sch. 8 paras. 90-96)
F3Sch. 2 para. 56(2A)(2B) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 25(4), 89 (with Sch. 8 paras. 90-96)
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