http://www.legislation.gov.uk/ukpga/2003/1/schedule/2/part/9/crossheading/duty-not-to-dispose-of-plan-shares/2009-08-13
Income Tax (Earnings and Pensions) Act 2003
An Act to restate, with minor changes, certain enactments relating to income tax on employment income, pension income and social security income; and for connected purposes.
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Statute Law Database
2024-06-06
Expert Participation
2009-08-13
Income Tax (Earnings and Pensions) Act 2003
s. 452(2)(aa)
Finance Act 2013
Sch. 23
para. 11
Sch. 23
para. 38
art. 2
Income Tax (Earnings and Pensions) Act 2003
s. 707A
Finance Act 2024
s. 36(4)
s. 36(5)
SCHEDULES
SCHEDULE 2Approved share incentive plans
Part 9Trustees
Duty not to dispose of plan shares
73
1
This paragraph applies to a participant’s plan shares that are free, matching or dividend shares.
2
The trust instrument must prohibit the trustees from disposing of any of those shares (to the participant or otherwise) at any time during the holding period, unless the participant has at that time ceased to be in relevant employment.
3
Sub-paragraph (2) is subject to—
a
paragraph 37 (holding period: power to direct trustees to accept general offers etc.),
b
paragraph 77 (power of trustees to raise funds to subscribe for rights issue),
c
paragraph 79 (meeting by trustees of PAYE obligations), and
d
paragraph 90(5) (termination of plan: early removal of shares with participant’s consent).