Paragraph 70

United Kingdom

(1)

The trust instrument must make the following provision regarding notices.

(2)

It must provide that, as soon as practicable after any free or matching shares have been awarded to an employee, the trustees shall give him notice of the award—

(a)

specifying the number and description of those shares,

(b)

stating their market value on the date on which they were awarded to him, and

(c)

stating the holding period applicable to them.

(3)

It must provide that, as soon as practicable after any partnership shares have been awarded to an employee, the trustees shall give him notice of the award—

(a)

specifying the number and description of those shares, and

(b)

stating—

(i)

the amount of partnership share money applied by the trustees in acquiring the shares on his behalf, and

(ii)

their market value on the acquisition date (within the meaning of paragraph 40(2) or, if there is an accumulation period, paragraph 42(3)).

(4)

It must provide that, as soon as practicable after any dividend shares have been acquired on behalf of a participant, the trustees shall give him notice of the acquisition—

(a)

specifying the number and description of those shares,

(b)

stating their market value on the acquisition date (within the meaning of paragraph 56(3)),

(c)

stating the holding period applicable to them, and

(d)

informing him of any amount carried forward under paragraph 58 (certain amounts not reinvested).

(5)

It must provide that, where any foreign cash dividend is received in respect of plan shares held on behalf of a participant, the trustees shall give him notice of the amount of any foreign tax deducted from the dividend before it was paid.

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F1: Sch. 8 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)