79(1)In Part 6 (partnership shares) paragraph 52 (application of money deducted in accumulation period) is amended as follows.U.K.
(2)After sub-paragraph (2) insert—
“(2A)The number of shares awarded to the employee must be determined in accordance with one of sub-paragraphs (3), (3A) and (3B) and the partnership share agreement must specify which one of those sub-paragraphs is to apply for the purposes of the agreement.”
(3)In sub-paragraph (3) for “The number of shares awarded to each” substitute “ If the agreement specifies that this sub-paragraph is to apply, the number of shares awarded to the ”.
(4)After sub-paragraph (3) insert—
“(3A)If the agreement specifies that this sub-paragraph is to apply, the number of shares awarded to the employee must be determined in accordance with the market value of the shares at the beginning of the accumulation period.
(3B)If the agreement specifies that this sub-paragraph is to apply, the number of shares awarded to the employee must be determined in accordance with the market value of the shares on the acquisition date.”
(5)In sub-paragraphs (4) and (5) for “and (3)” substitute “ to (3B) ”.