Part 6 Partnership Shares
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 6 Partnership Shares

Partnership shares: introduction

43

(1)     If a SIP provides for partnership shares, the following paragraphs apply—

paragraph 44 (partnership share agreements),

paragraph 45 (deductions from salary),

paragraph 46 (maximum amount of deductions),

paragraph 47 (minimum amount of deductions),

paragraph 48 (notice of possible effect of deductions on benefit entitlement),

paragraph 49 (partnership share money held for employee),

paragraph 50 (application of money deducted where no accumulation periods),

paragraph 51 (accumulation periods),

paragraph 52 (application of money deducted in accumulation period),

paragraph 53 (restriction on number of shares awarded),

paragraph 54 (stopping and re-starting deductions),

paragraph 55 (withdrawal from partnership share agreement),

paragraph 56 (repayment of partnership share money on withdrawal of approval or termination), and

paragraph 57 (access to partnership shares).

(2)     The plan must meet any plan requirements contained in those paragraphs.

[(2A)     The plan must provide that partnership shares are not to be subject to any provision for forfeiture.]

[(2B)     Partnership shares may (notwithstanding sub-paragraph (2A) if relevant) be subject to provision requiring partnership shares acquired on behalf of an employee to be offered for sale but only if the requirement of sub-paragraph (2C) is met.

(2C)     The consideration

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