SCHEDULES

SCHEDULE 2F3... share incentive plans

Annotations:
Amendments (Textual)
F3

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)

Part 9Trustees

Requirements etc. relating to trustees: introduction

70

1

A SIP must meet the plan requirements contained in—

  • paragraph 71(1) and (2) (establishment of trustees), and

  • paragraph 79 (meeting by trustees of PAYE obligations).

2

The following provisions also relate to the trustees—

  • paragraph 71(3) to (6) (the trust instrument and classes of trustees)

  • paragraph 72 (duty to act in accordance with participant’s directions),

  • paragraph 73 (duty not to dispose of plan shares),

  • paragraph 74 (duty to make payments to participants),

  • paragraph 75 (duty to give notice of award of shares etc.),

  • paragraph 76 (power to borrow),

  • paragraph 77 (power to raise funds to subscribe for rights issue), F1and

  • F2...

  • paragraph 80 (other duties in relation to tax liabilities).