SCHEDULES
F1F1SCHEDULE 8
Annotations:
Amendments (Textual)
Part VII Reinvestment of cash dividends
Limit on amount reinvested
54
1
The plan must provide that the total dividend reinvestment in respect of any participant cannot exceed £1,500 in any tax year.
2
For this purpose “the total dividend reinvestment" in respect of a participant is the sum of—
a
the amount applied by the trustees in acquiring dividend shares on behalf of the participant under the plan, and
b
the amount applied by the trustees of other employee share ownership plans that are—
i
established by the company or an associated company, and
ii
approved under this Schedule,
in acquiring dividend shares on his behalf.
3
If the amounts received by the trustees exceed the limit in sub-paragraph (1), the plan must provide for the balance to be paid over to the participant as soon as practicable.
Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)