Finance Act 2000 (c. 17)

SCHEDULES

SCHEDULE 8 U.K. Employee share ownership plans

Part I U.K. Introductory

Employee share ownership plans U.K.

1 (1) In this Schedule an “employee share ownership plan” means a plan established by a company providing—

(a) for shares (“free shares”) to be appropriated to employees without payment, or

(b) for shares (“partnership shares”) to be acquired on behalf of employees out of sums deducted from their salary.

(2) A plan that provides for partnership shares may also provide for shares (“matching shares”) to be appropriated without payment to employees in proportion to the partnership shares acquired by them.

(3) Where a plan contains provision for all, or more than one, of the kinds of shares mentioned in sub-paragraphs (1) and (2), it may leave it for the company to decide when the provisions relating to each kind of share are to have effect.

(4) In this Schedule, in relation to an employee share ownership plan “the company” means the company which established the plan.