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Income Tax (Earnings and Pensions) Act 2003

Paragraph 37: Holding period: power of participant to direct trustees to accept general offers etc.

3064.This paragraph provides that a participant may give directions of various types to the trustees during the holding period.

3065.This paragraph derives from paragraph 32 of Schedule 8. There has been a significant amount of reorganisation; and this paragraph is now divided into sub-paragraphs.

3066.Sub-paragraph (1) derives from the opening words of paragraph 32.

3067.Sub-paragraphs (2) and (3) derive from paragraphs (a) and (d) of paragraph 32 respectively. In sub-paragraph (3), the words “as a result of” replace the words “pursuant to”.

3068.Sub-paragraphs (4) to (6) rewrite paragraphs (b) and (c) of paragraph 32; but that material is now organised differently, with sub-paragraph (5) containing a definition of a “general offer”.

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