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Changes over time for: Paragraph 62


Timeline of Changes
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Status:
Point in time view as at 17/12/2014.
Changes to legislation:
Income Tax (Earnings and Pensions) Act 2003, Paragraph 62 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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This section has no associated Explanatory Notes
62(1)A SIP may provide that, where the company so directs, the trustees must apply [some or all of the] cash dividends in respect of plan shares held on behalf of—U.K.
(a)all participants, or
(b)all participants who elect to reinvest their dividends,
in acquiring further shares on their behalf.
[(1A)The company's direction must set out—
(a)the amount of the cash dividends to be applied as mentioned in sub-paragraph (1), or
(b)how that amount is to be determined.]
(2)Sub-paragraph (1) is subject to paragraph 63 (requirements to be met as regards cash dividends).
(3)In the SIP code—
(a)the application of cash dividends as mentioned in sub-paragraph (1) is referred to as “reinvestment”; and
(b)the further plan shares acquired are referred to as “dividend shares”.
(4)The company may [modify or] revoke a direction requiring the reinvestment of cash dividends.
(5)References in the SIP code to the trustees acquiring dividend shares on behalf of a participant include their appropriating to a participant shares already held by them.
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