Schedule 13 - Employee share ownership plans: amendments
Finance Bill
11:30 am
Mr Howard Flight (Arundel and South Downs, Conservative)
I beg to move amendment No. 15, in page 146, line 2, at end insert—
`Accumulation periods for partnership share awards
(1) In paragraph 41 there shall be added—
``(5) It shall not cause an award of partnership shares to cease to satisfy the requirements of this Schedule if where the completion of a qualifying period (within the meaning of paragraph 14) falls after the commencement of the accumulation period, an employee is made an award of partnership shares on the same terms as would have applied at the start of the accumulation period save for a rateable reduction in the number of partnership shares available to him to reflect the proportion of the accumulation period which has expired by the completion of his qualifying period.
(6) It shall not cause an award of partnership shares to cease to satisfy the requirements of this Schedule if—
(a) prior to the commencement of the accumulation period an employee indicates that he would be willing to participate in that award during that accumulation period, but not from its commencement; and
(b) during that accumulation period an employee enters into a partnership share agreement on the terms which would have applied from the commencement of the accumulation period save for a rateable reduction in the number of partnership shares available to him to reflect the proportion of the accumulation period which has expired by the date of entry into the agreement.''.'.
Mr. Allen: On a point of order, Mr. O'Hara. After that exhausting piece of footwork by the Chair, it may be an appropriate moment to say that the usual channels, at great expense, have reversed the decision of the Refreshment Department, and that the chuck wagon is now very close to the Committee Room. While retaining a quorum in Committee, Committee members may want to avail themselves of refreshments—which will, I understand, be available for a period of no longer than 10 minutes.