SCHEDULES

SCHEDULE 2F1... share incentive plans

Annotations:
Amendments (Textual)
F1

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)

Part 9Trustees

Duty to make payments to participants

74

1

The trust instrument must require the trustees to pay over to a participant as soon as practicable—

a

any money received by them in respect of, or by reference to, any of the participant’s shares, or

b

any money’s worth so received unless it consists of new shares within the meaning of paragraph 87 (company reconstructions).

2

Sub-paragraph (1) is subject to—

a

paragraphs 62 to 69 (cash dividends and dividend shares),

b

the trustees' obligations under sections 510 to 514 (PAYE: shares ceasing to be subject to plan; capital receipts), and

c

the trustees' PAYE obligations.