SCHEDULES
SCHEDULE 2F1... share incentive plans
Annotations:
Amendments (Textual)
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.
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)