SCHEDULES
SCHEDULE 2F2... share incentive plans
Part 6Partnership shares
Repayment of partnership share money on F5plan ceasing to be a Schedule 2 SIP or termination
Words in Sch. 2 para. 56 cross-heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 24, 89 (with Sch. 8 paras. 90-96)
56
1
The plan must provide that, where the F1plan is not to be a Schedule 2 SIP by virtue of paragraph 81H or 81I, any partnership share money held on behalf of an employee is to be paid over to the employee.
2
The plan must require the payment to be made as soon as practicable after F4the relevant day.
F32A
If the plan is not to be a Schedule 2 SIP by virtue of paragraph 81H, in sub-paragraph (2) “the relevant day” means—
a
the last day of the period in which notice of an appeal under paragraph 81K(2)(a) may be given, or
b
if notice of such an appeal is given, the day on which the appeal is determined or withdrawn.
2B
If the plan is not to be a Schedule 2 SIP by virtue of paragraph 81I, in sub-paragraph (2) “the relevant day” means—
a
the last day of the period in which notice of an appeal under paragraph 81K(3) may be given, or
b
if notice of such an appeal is given, the day on which the appeal is determined or withdrawn.
3
The plan must provide that, where a plan termination notice is issued in respect of the plan (see paragraph 90), any partnership share money held on behalf of an employee is to be paid over to the employee.
4
The plan must require the payment to be made as soon as practicable after the plan termination notice is notified to the trustees under paragraph 89(2).
Word in Sch. 2 title omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 14, 89 (with Sch. 8 paras. 90-96)