Paragraph 24

United Kingdom

(1)

M1The scheme must provide for a person’s contributions under the certified contractual savings scheme to be of such amount as to secure as nearly as may be repayment of an amount equal to that for which shares may be acquired in pursuance of rights obtained under the scheme; and for this purpose the amount of repayment under the certified contractual savings scheme shall be determined as mentioned in paragraph 17 above.

(2)

M2The scheme must not—

(a)

permit the aggregate amount of a person’s contributions under certified contractual savings schemes linked to savings-related share option schemes approved under this Schedule to exceed F1£250 monthly, nor

(b)

impose a minimum on the amount of a person’s contributions which exceeds £10 monthly.

(3)

The Treasury may by order amend sub-paragraph (2) above by substituting for any amount for the time being specified in that sub-paragraph such amount as may be specified in the order.

Annotations

Textual amendments

F1: Figure in Sch. 9 para. 24(2)(a) substituted (01.09.1991) by virtue of Finance Act 1991 (c. 31, SIF 63:1), s. 40(1); S.I. 1991/1741, art.2.

Marginal citations

M1: Source—1980 Sch.10 13(1)
M2: Source—1980 Sch.10 13(2), (3); 1984 s.39(5)

Notes on Schedule 9

Modifications

C1: Sch. 9 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 238(2)(c)(4), 289 (with ss. 60, 101(1), 171, 201(3))
C2: Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 115
C3: Sch. 9 modified (29.4.1996) by Finance Act 1996 (c. 8), s. 116(3)
C4: Sch. 9 modified (28.7.2000) by Finance Act 2000 (c. 17), s. 49(1)(2)
C5: Sch. 9 continued for specified purposes (6.4.2003 with effect in accordance with s. 723(1) of the affecting Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 418(3) (with Sch. 7)

Notes on Part III

Textual amendments

F1: Sch. 9 Pts. 3, 4 repealed (6.4.2003 with effect in accordance with s. 723(1) of the repealing Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 6 para. 112(2), Sch 8 Pt. 1 (with Sch. 7)