Part 9 Trustees
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

Part 9 Trustees

Requirements etc relating to trustees: introduction

70

(1)     A SIP must meet the plan requirements contained in—

paragraph 71(1) and (2) (establishment of trustees), and

paragraph 79 (meeting by trustees of PAYE obligations).

(2)     The following provisions also relate to the trustees—

paragraph 71(3) to (6) (the trust instrument and classes of trustees)

paragraph 72 (duty to act in accordance with participant's directions),

paragraph 73 (duty not to dispose of plan shares),

paragraph 74 (duty to make payments to participants),

paragraph 75 (duty to give notice of award of shares etc),

paragraph 76 (power to borrow),

paragraph 77 (power to raise funds to subscribe for rights issue), [and]

.Ìý.Ìý.

paragraph 80 (other duties in relation to tax liabilities).

Establishment of trustees

71

(1)     The plan must provide for the establishment of a body of trustees consisting of persons resident in the United Kingdom (“the trusteesâ€).

(2)     The plan must provide that the trustees are required—

(a)     in the case of free or matching shares, to acquire shares and appropriate them to employees in accordance with the plan,

(b)     in the case of partnership shares, to apply partnership share money in acquiring

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