SCHEDULES
SCHEDULE 8Employee share schemes
PART 1Share incentive plans
Amendments to Chapter 6 of Part 7 of ITEPA 2003
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1
Paragraph 65 (general requirements as to dividend shares) is amended as follows.
2
Make the existing text sub-paragraph (1).
3
After the new sub-paragraph (1) insert—
2
Dividend shares may (notwithstanding sub-paragraph (1)(b) if relevant) be subject to provision requiring dividend shares acquired on behalf of an employee to be offered for sale but only if the requirement of sub-paragraph (3) is met.
3
The consideration at which the shares are required to be offered for sale must be at least equal to—
a
the amount of the cash dividends applied in acquiring the shares on behalf of the employee, or
b
if lower, the market value of the shares at the time they are offered for sale.