Regulation 69
SCHEDULE 5U.K. ELECTIONS ABOUT SHARE OPTION GAINS
1.—(1) An election for the purposes of paragraph 3B(1) of Schedule 1 to the Act shall contain—U.K.
(a)details of the share options to which it relates, or of the period within which the share options to which it relates are intended to be granted;
(b)a statement that the election relates to any gain on which the employed earner is liable to pay secondary Class 1 contributions under section 4(4)(a) of the Act and an explanation of the effect of that paragraph;
(c)the amount or proportion (as the case may be) of the liability for secondary Class 1 contributions to be transferred;
(d)a statement that its purpose is to transfer the liability for the secondary Class 1 contributions referred to in paragraph (c) from the secondary contributor to the employed earner;
(e)a statement as to the method by which the secondary contributor will secure that the liability for amounts of contributions, transferred under the election, is met;
(f)a statement as to the circumstances in which it shall cease to have effect;
(g)a declaration by the employed earner that he agrees to be bound by its terms; and
(h)evidence sufficient to show that the secondary contributor agrees to be bound by its terms.
(2) The declaration referred to in sub-paragraph (1)(g) must either be signed by the employed earner or, if it is made by electronic communications, made by him in such electronic form and by such means of electronic communications as may be authorised by the Board.
2.—(1) An election to which this Schedule applies shall be made either in writing or in such electronic form and by such means of electronic communications as may be authorised by the Board.U.K.
(2) An election to which this Schedule applies may be contained in two documents, one made by the employed earner and the other by the secondary contributor, in which case—
(a)the document made by the employed earner shall contain the matters listed in paragraph 1(1)(a) to (g); and
(b)the document made by the secondary contributor shall contain the matters listed in paragraph 1(1)(a) to (f) and (h).
3.—(1) Where an election to which this Schedule applies has been made, the secondary contributor shall notify the employed earner to whom any of his liabilities are transferred by the election of—U.K.
(a)any transferred liability that arises;
(b)the amount of any transferred liability that arises; and
(c)the contents of any notice of withdrawal by the Board of any approval that relates to the election.
(2) The secondary contributor shall notify the employed earner of the matters set out in sub-paragraph (1)(a) and (b) as soon as reasonably practicable.
(3) The secondary contributor shall notify the employed earner of the matters set out in sub-paragraph (1)(c) within 14 days of receipt of the notice of withdrawal in question.