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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Schedule 2 share incentive plan (SIP): Types of award: Partnership shares: Access to partnership shares

A Schedule 2 SIP must allow a participant who has been awarded partnership shares to remove (or ‘withdraw’) any or all of those shares from the plan at any time (paragraph 57). In order to withdraw partnership shares, it is not necessary for the participant to cancel the partnership share agreement, or to stop deductions of partnership share money, and the Schedule 2 SIP rules must not require that he or she does so.

There may be an income tax charge when partnership shares are withdrawn.