Paragraph 110

United Kingdom

If any of a participant’s plan shares are forfeited—

(a)

the shares are treated for the purposes of this Part as acquired by the trustees—

(i)

when the forfeiture occurs, and

(ii)

for no consideration, and

(b)

no deduction is allowed under paragraph 106 or 107 in respect of any subsequent award of those shares under the plan.

Notes on Schedule 8

F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)