SCHEDULES
F1F1SCHEDULE 8
Part V Partnership shares
Partnership share money held for employee
39
1
The plan must provide that partnership share money deducted in accordance with a partnership share agreement is—
a
paid to the trustees as soon as practicable, and
b
held by them on behalf of the employee until such time as it is applied by them in acquiring partnership shares on the employee’s behalf.
This is subject to paragraphs 40(4)(b) and 42(5)(b) and (6) (obligations to pay money to employee).
2
References in this Schedule to the trustees acquiring partnership shares on behalf of an employee include their appropriating to an employee shares already held by them.
3
The plan must provide for the trustees to keep any money required to be held by them under this paragraph in an account (interest bearing or otherwise) with—
F2a
a person falling within section 840A(1)(b) of the Taxes Act 1988,
b
a building society, or
F3c
a firm falling within section 840A(1)(c) of that Act,
4
If the partnership share money held on behalf of an employee is held in an interest bearing account the plan must provide for the trustees to account to the employee for the interest.
Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)