SCHEDULES
SCHEDULE 2F1... share incentive plans
Part 11Supplementary provisions
Effect of plan termination notice
90
1
This paragraph applies if the company has issued a plan termination notice under paragraph 89.
2
No further shares may be F2appropriated to, or acquired on behalf of, individuals under the plan.
3
The trustees must remove the plan shares from the plan as soon as practicable after whichever is the later of—
a
the end of the notice period, or
b
the first date on which the shares may be removed from the plan without giving rise to a charge to income tax under sections 501 to 507 (SIPs: tax charges) on the participant on whose behalf they are held.
4
In sub-paragraph (3) “the notice period” means the period of 3 months beginning with the date on which the requirements imposed by the plan in accordance with paragraph 89(2) are met in respect of the plan termination notice.
5
The trustees may remove a participant’s shares from the plan at an earlier date with the participant’s consent.
6
Any consent given by the participant before receiving a copy of the plan termination notice is to be disregarded for the purposes of sub-paragraph (5).
7
As soon as practicable after the plan termination notice is issued, the trustees must pay any money held on an individual’s behalf to the individual.
8
In this paragraph references to the trustees removing the plan shares from the plan are to their doing the following in the case of each participant—
a
transferring the shares to the participant on behalf of whom they are held, or to another person, at the participant’s direction, or
b
disposing of the shares and accounting (or holding themselves ready to account) for the proceeds to the participant or to another person at the participant’s direction.
9
Where a participant has died, the references in this paragraph to a participant are to the participant’s personal representatives.
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)