{
  "url": "https://openlegislation.uk/finance-act-2000/schedule-8/paragraph-121",
  "json_url": "https://openlegislation.uk/finance-act-2000/schedule-8/paragraph-121.json",
  "legislation": "ukpga/2000/17",
  "legislation_title": "Finance Act 2000",
  "legislation_url": "https://openlegislation.uk/finance-act-2000",
  "path": "schedule/8/paragraph/121",
  "kind": "paragraph",
  "number": "121",
  "heading": null,
  "text": "(1) This paragraph applies where the company has issued a plan termination notice under paragraph 120.\n(2) No further shares may be awarded to individuals under the plan.\n(3) The trustees must remove the plan shares from the plan as soon as practicable after—\n(a) the end of the notice period, or\n(b) if later, the first date on which the shares may be removed from the plan without giving rise to a charge to income tax under Part X of this Schedule on the participant on whose behalf they are held.\nParagraph 46 (repayment of partnership share money) and paragraph 58(2) (cash dividend paid over if not reinvested) provide for the payment to employees of money held on their behalf.\n(4) In sub-paragraph (3) “the notice period” means the period of three months beginning with the date on which the requirements imposed by the plan in accordance with paragraph 120(2) (copy of termination notice to Inland Revenue, participants etc.) are met in respect of the plan termination notice.\n(5) The trustees may remove the participant’s shares from the plan at an earlier date with the participant’s consent.\n(6) Any consent given by the participant before he receives a copy of the plan termination notice shall be disregarded for this purpose.\n(7) The trustees must as soon as practicable after the plan termination notice is issued pay to an individual any money held on his behalf.\n(8) In this paragraph references to the trustees removing the plan shares from the plan are to their—\n(a) transferring the shares to the participant on behalf of whom they are held, or to another person, at his direction, or\n(b) disposing of the shares and accounting (or holding themselves ready to account) for the proceeds to the participant or to another person at his direction.\n(9) Where the participant has died, the references in sub-paragraph (8) to the participant shall be read as references to his personal representatives.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/17/schedule/8/paragraph/121",
    "retrieved_at": "2026-10-29T09:21:00.128981+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}