Paragraph 41
United Kingdom
The plan may provide for accumulation periods not exceeding twelve months.
Where it does so—
the partnership share agreement must specify when each accumulation period begins and ends (the beginning of the first period being not later than the date on which the first deduction is made), and
the accumulation period which applies in relation to each award of partnership shares must be the same for all individuals who are eligible to participate in the award.
The partnership share agreement may specify that an accumulation period comes to an end on the occurrence of a specified event.
This is subject to sub-paragraph (2)(b).
Where the plan provides for accumulation periods, it may also provide that if—
during an accumulation period, a transaction occurs in relation to any of the shares (“the original holding”) to be acquired under a partnership share agreement which results in a new holding of shares being equated with the original holding for the purposes of capital gains tax, and
the employee gives his consent for the purposes of this sub-paragraph,
the partnership share agreement shall have effect after the time of that transaction as if it were an agreement for the purchase of shares comprised in the new holding.
Notes on Schedule 8
Textual amendments
- 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Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)