SCHEDULES
C1C2C3C4C5SCHEDULE 9 APPROVED SHARE OPTION SCHEMES AND PROFIT SHARING SCHEMES
Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 115
Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 116(3)
Sch. 9 modified (28.7.2000) by Finance Act 2000 (c. 17), s. 49(1)(2)
Sch. 9 continued for specified purposes (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)
PART V REQUIREMENTS APPLICABLE TO PROFIT SHARING SCHEMES
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1
2
The trust instrument must contain a provision prohibiting the trustees from disposing of any shares after the end of the period of retention and before the release date except—
a
pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in his shares is for the time being vested; and
b
by a transaction which would not involve a breach of the participant’s obligations under paragraph 2(2)(c) or (d) above.
Sch. 9 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 238(2)(c)(4), 289 (with ss. 60, 101(1), 171, 201(3))