Finance Act 2000

75 (1) The trust instrument must require the trustees—

(a) to maintain such records as may be necessary for the purposes of—

(i) their own PAYE obligations, or

(ii) the PAYE obligations of the employer company so far as they relate to the plan,

(b) where the participant becomes liable to income tax under Case V of Schedule D, Schedule E or Schedule F by reason of the occurrence of any event, to inform him of any facts relevant to determining that liability.

(2) For the purposes of this paragraph—

• “employer company” has the same meaning as in paragraph 95 (PAYE: shares ceasing to be subject to the plan); and

• “PAYE obligations” includes obligations conferred on the trustees by paragraphs 95 and 96 (PAYE: shares ceasing to be subject to plan and capital receipts).