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Income Tax (Earnings and Pensions) Act 2003

Paragraph 2: SIPs: free shares and partnership shares

2953.In this paragraph, sub-paragraph (1) sets out the central definition of “share incentive plan” (or “SIP” for short), a definition derived from that of “employee share ownership plan” in paragraph 1(1) of Schedule 8. In the source legislation, that sub-paragraph was followed by a provision relating to matching shares; but in this Act the proposition set out here appears on its own, and the provision relating to matching shares has been postponed until the following paragraph.

2954.Sub-paragraph (2) contains three definitions:

  • the definition of “the company” derives from paragraph 1(4) of Schedule 8;

  • the definition of “plan requirements” is new; and

  • the definition of “the trustees” is a new feature of these introductory provisions, introducing a term that will be used before the requirements relating to the trustees are dealt with in Part 9 of this Schedule.

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