SCHEDULES
SCHEDULE 2F4... share incentive plans
Part 9Trustees
Other duties of trustees in relation to tax liabilities
80
1
The trust instrument must require the trustees to maintain such records as may be necessary for the purposes of—
a
their own PAYE obligations, or
b
the PAYE obligations of the employer company so far as they relate to the plan.
2
In sub-paragraph (1)—
“PAYE obligations”, in relation to the trustees, includes obligations under sections 510 to 514 (PAYE: shares ceasing to be subject to plan and capital receipts);
“the employer company” has the same meaning as in section 513.
3
The trust instrument must require the trustees, where the participant becomes liable to income tax under—
a
this Act, or
b
F1Chapter 3 or 4 of Part 4 of ITTOIA 2005 (dividends etc. from UK or non-UK resident companies etc.),
by reason of the occurrence of any event, to inform the participant of any facts relevant to determining that liability.
4
F2Sections 1105 to 1108 of CTA 2010 (information relating to distributions to be provided by nominee) apply in relation to—
a
the balance of any cash dividend paid over to the participant under paragraph 64(3),
b
any amount paid over to a participant under paragraph 68(4) (dividend retained for reinvestment and later paid out), or
c
any relevant dividend (see sub-paragraph (5)),
as if it were a payment to which F3section 1105(1)(b) of that Act applied (and, in the case of an amount within paragraph (b) above, as if the cash dividend had been paid at the time of the payment to the participant under paragraph 68(4)).
5
In a case where dividend shares cease to be subject to the plan before the end of the period of 3 years beginning with the date on which they were acquired on a participant’s behalf, the cash dividend applied to acquire dividend shares on the participant’s behalf is a “relevant dividend” for the purposes of sub-paragraph (4)(c).
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)