Point in time view as at 17/12/2014.
Income Tax (Earnings and Pensions) Act 2003, Paragraph 75 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.
75(1)The trust instrument must make the following provision regarding notices.U.K.
(2)It must provide that, as soon as practicable after any free or matching shares have been awarded to an employee, the trustees must give the employee notice of the award—
(a)specifying the number and description of those shares,
[F1(aa)if the shares are subject to any restriction, giving details of the restriction,]
(b)stating their market value on the date on which they were awarded to the employee, and
(c)stating the holding period applicable to them.
(3)It must provide that, as soon as practicable after any partnership shares have been awarded to an employee, the trustees must give the employee notice of the award—
(a)specifying the number and description of those shares,
[F2(aa)if the shares are subject to any restriction, giving details of the restriction,]
(b)stating the amount of partnership share money applied by the trustees in acquiring the shares on behalf of the employee, and
[F3(c)stating the market value in accordance with which the number of shares awarded to the employee was determined.]
(4)It must provide that, as soon as practicable after any dividend shares have been acquired on behalf of a participant, the trustees must give the participant notice of the acquisition—
(a)specifying the number and description of those shares,
(b)stating their market value on the acquisition date (as defined by paragraph 66(4)),
(c)stating the holding period applicable to them, and
(d)informing the participant of any amount carried forward under paragraph 68 (reinvestment: amounts to be carried forward).
(5)It must provide that, where any foreign cash dividend is received in respect of plan shares held on behalf of a participant, the trustees must give the participant notice of the amount of any foreign tax deducted from the dividend before it was paid.
(6)In sub-paragraph (5) “foreign cash dividend” means a cash dividend paid in respect of plan shares in a company not resident in the United Kingdom.
Textual Amendments
F1Sch. 2 para. 75(2)(aa) inserted (with effect in accordance with Sch. 2 para. 58 of the amending Act) by Finance Act 2013 (c. 29), Sch. 2 para. 52
F2Sch. 2 para. 75(3)(aa) inserted (with effect in accordance with Sch. 2 para. 58 of the amending Act) by Finance Act 2013 (c. 29), Sch. 2 para. 52
F3Sch. 2 para. 75(3)(c) substituted (with effect in accordance with Sch. 2 para. 81 of the amending Act) by Finance Act 2013 (c. 29), Sch. 2 para. 80
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
