SCHEDULES
F1F1SCHEDULE 8
Part V Partnership shares
Plan with no accumulation period
40
1
If the plan does not provide for an accumulation period, it must provide for partnership share money to be applied by the trustees in acquiring partnership shares on behalf of the employee on the acquisition date.
2
For this purpose “the acquisition date” means the date set by the trustees in relation to the award of partnership shares, being a date within 30 days after the last date on which the partnership share money to be applied in acquiring the shares was deducted.
3
The number of shares awarded to each employee must be determined in accordance with the market value of the shares on the acquisition date.
4
Any surplus partnership share money remaining after the acquisition of shares by the trustees—
a
may with the agreement of the employee be carried forward and added to the amount of the next deduction, and
b
in any other case must be paid over to the employee as soon as practicable.
5
This paragraph is subject to paragraph 43 (restriction imposed on number of shares awarded).
Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)