Paragraph 32

United Kingdom

(1)

M1The trust instrument must contain a provision prohibiting the trustees from disposing of any shares, except as mentioned in paragraph 1(1)(a), (b) F1, (c) or (cc) of Schedule 10, during the period of retention (whether by transfer to the participant or otherwise).

(2)

The trust instrument must contain a provision prohibiting the trustees from disposing of any shares after the end of the period of retention and before the release date except—

(a)

pursuant to a direction given by or on behalf of the participant or any person in whom the beneficial interest in his shares is for the time being vested; and

(b)

by a transaction which would not involve a breach of the participant’s obligations under paragraph 2(2)(c) or (d) above.

Annotations

Textual amendments

F1: Words in Sch. 9 para. 32(1) substituted (with effect in accordance with s. 101(9)(10) of the amending Act) by Finance Act 1994 (c. 9), s. 101(5)

Marginal citations

M1: Source—1978 Sch.9 13; 1980 s.46(13)

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)