Paragraph 46

United Kingdom

(1)

The plan must provide that where—

(a)

the approval of the plan is withdrawn (see paragraph 118), or

(b)

a plan termination notice is issued in respect of the plan (see paragraph 120),

any partnership share money held on behalf of an employee is paid over to him.

(2)

The plan must require the payment to be made—

(a)

in a case within sub-paragraph (1)(a), as soon as practicable after notice of the withdrawal is given to the company, and

(b)

in a case within sub-paragraph (1)(b), as soon as practicable after the plan termination notice is notified to the trustees under paragraph 120(2).

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F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)