Textual Amendments
F1Word 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)
65[F2(1)] The plan must provide that dividend shares are to be shares— U.K.
(a)which are in the same company and of the same class, and carry the same rights, as the shares in respect of which the dividend is paid, and
(b)which are not subject to any provision for forfeiture.
[F3(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.]
Textual Amendments
F2Sch. 2 para. 65 renumbered as Sch. 2 para. 65(1) (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 26(2), 89 (with Sch. 8 paras. 90-96)
F3Sch. 2 para. 65(2)(3) inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 26(3), 89 (with Sch. 8 paras. 90-96)