SCHEDULES
SCHEDULE 2F1... share incentive plans
Part 6Partnership shares
Stopping and re-starting deductions
54
1
The plan must provide that an employee may at any time give notice to the company to stop deductions under a partnership share agreement.
2
The plan must provide that, unless a later date is specified in the notice, the company must, on receiving a notice within sub-paragraph (1), ensure within 30 days after receipt of the notice that no further deductions are made by it under the partnership share agreement.
3
The plan must also provide that an employee who has stopped deductions—
a
may subsequently give notice to the company to re-start deductions under the agreement, but
b
may not make up deductions that have been missed.
4
If the plan makes provision for one or more accumulation periods, it may prevent an employee re-starting deductions more than once in any accumulation period.
5
The plan must provide that, unless a later date is specified in the notice, the company must, on receiving a notice within sub-paragraph (3), re-start deductions under the partnership share agreement not later than the re-start date.
6
“The re-start date” means the date of the first deduction due under the partnership share agreement more than 30 days after receipt of the notice under sub-paragraph (3).
7
In this paragraph “notice” means notice in writing.
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)