SCHEDULES
SCHEDULE 2Tax advantaged employee share schemes
PART 2“Good leavers” (other than retirees)
Share incentive plans
20
1
In Part 5 of Schedule 2 (free shares) in paragraph 37 (holding period: power of participant to direct trustees to accept general offers etc) after sub-paragraph (6) insert—
7
For the purposes of sub-paragraph (5) it does not matter if the general offer is made to different shareholders by different means.
8
If in the case of a takeover offer (as defined in section 974 of the Companies Act 2006) there arises a right under section 983 of that Act to require the offeror to acquire the participant's free shares, or such of them as are of a particular class, the participant may direct the trustees to exercise that right.
2
A SIP approved before the day on which this Act is passed has effect with any modifications needed to reflect the amendment made by this paragraph.