- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (20/07/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: The holding period is up to date with all changes known to be in force on or before 27 August 2024. 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.
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36(1)The plan must require the company in respect of each award of free shares to specify a period (“the holding period”) during which a participant is bound by contract with the company—U.K.
(a)to permit the free shares awarded to the participant to remain in the hands of the trustees, and
(b)not to assign, charge or otherwise dispose of the beneficial interest in the shares.
(2)The holding period—
(a)must be a period of at least 3 years but not more than 5 years, beginning with the date on which the shares in question are awarded to the participant, and
(b)must be the same for all shares in the same award.
(3)The plan—
(a)may authorise the company to specify different holding periods from time to time, but
(b)must prevent the company from increasing the holding period specified in respect of free shares that have been awarded under the plan.
(4)The participant’s obligations with respect to the holding period are subject to—
(a)paragraph 37 (power to authorise trustees to accept general offers etc.),
(b)paragraph 79 (meeting by trustees of PAYE obligations), and
(c)paragraph 90(5) (termination of plan: early removal of shares with participant’s consent).
(5)If at any time in the holding period the participant ceases to be in relevant employment, the participant’s obligations with respect to that period come to an end.
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